IHT Wealth Management LLC Sells 2,115 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

IHT Wealth Management LLC decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 34.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 4,077 shares of the semiconductor company’s stock after selling 2,115 shares during the period. IHT Wealth Management LLC’s holdings in Microchip Technology were worth $234,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter worth approximately $26,000. Rakuten Securities Inc. increased its position in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after buying an additional 359 shares during the period. OFI Invest Asset Management bought a new position in Microchip Technology during the fourth quarter worth $29,000. Financial Life Planners acquired a new position in Microchip Technology in the fourth quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in Microchip Technology during the fourth quarter valued at $34,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.10% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $46.89 on Monday. The company’s fifty day moving average price is $49.48 and its 200-day moving average price is $58.29. The stock has a market cap of $25.22 billion, a PE ratio of 83.73 and a beta of 1.51. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Truist Financial decreased their target price on Microchip Technology from $56.00 to $43.00 and set a “hold” rating for the company in a research note on Monday, April 21st. Citigroup reduced their price target on shares of Microchip Technology from $65.00 to $50.00 and set a “buy” rating for the company in a report on Friday, April 11th. TD Cowen increased their price objective on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Stifel Nicolaus reduced their target price on Microchip Technology from $80.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 price target on shares of Microchip Technology in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $69.32.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.