Harbour Investments Inc. Has $146,000 Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Harbour Investments Inc. reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,553 shares of the semiconductor company’s stock after selling 304 shares during the quarter. Harbour Investments Inc.’s holdings in Microchip Technology were worth $146,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of MCHP. Pallas Capital Advisors LLC purchased a new stake in Microchip Technology in the 4th quarter worth about $5,917,000. Consolidated Planning Corp acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $308,000. Quadrature Capital Ltd acquired a new stake in shares of Microchip Technology during the third quarter worth approximately $3,312,000. Symphony Financial Ltd. Co. purchased a new position in Microchip Technology during the fourth quarter valued at approximately $520,000. Finally, one8zero8 LLC acquired a new position in Microchip Technology in the 4th quarter valued at approximately $384,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

NASDAQ MCHP opened at $51.72 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company has a fifty day simple moving average of $56.17 and a 200 day simple moving average of $64.74. The company has a market cap of $27.82 billion, a P/E ratio of 92.36 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $49.92 and a 1 year 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 (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently declared 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 yield of 3.52%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MCHP. Evercore ISI lifted their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. B. Riley restated a “buy” rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Finally, The Goldman Sachs Group dropped their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Company Profile

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.