Tucker Asset Management LLC Sells 438 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Tucker Asset Management LLC lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,604 shares of the semiconductor company’s stock after selling 438 shares during the period. Tucker Asset Management LLC’s holdings in Microchip Technology were worth $207,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allstate Corp bought a new stake in shares of Microchip Technology during the 4th quarter valued at about $922,000. DnB Asset Management AS boosted its holdings in Microchip Technology by 1.0% in the fourth quarter. DnB Asset Management AS now owns 91,118 shares of the semiconductor company’s stock worth $5,226,000 after acquiring an additional 940 shares in the last quarter. Alerus Financial NA acquired a new stake in Microchip Technology in the fourth quarter valued at approximately $1,969,000. Level Four Advisory Services LLC increased its holdings in shares of Microchip Technology by 6.3% during the fourth quarter. Level Four Advisory Services LLC now owns 67,598 shares of the semiconductor company’s stock valued at $3,877,000 after acquiring an additional 3,977 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in Microchip Technology by 62.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,575,544 shares of the semiconductor company’s stock valued at $205,057,000 after purchasing an additional 1,368,322 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.10% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $48.70 on Friday. The stock has a fifty day moving average of $55.65 and a 200 day moving average of $63.98. Microchip Technology Incorporated has a 52 week low of $48.27 and a 52 week high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $26.19 billion, a price-to-earnings ratio of 86.96 and a beta of 1.52.

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

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MCHP shares. Piper Sandler reissued an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. KeyCorp cut their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. B. Riley reissued a “buy” rating and issued a $75.00 price target (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Finally, The Goldman Sachs Group cut their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Two 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 assigned a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology 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.