Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Alley Investment Management Company LLC

Alley Investment Management Company LLC decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 87.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,903 shares of the semiconductor company's stock after selling 161,403 shares during the period. Alley Investment Management Company LLC's holdings in Microchip Technology were worth $1,157,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MCHP. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. lifted its holdings 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 purchasing an additional 359 shares during the period. OFI Invest Asset Management purchased a new stake in Microchip Technology in the 4th quarter valued at approximately $29,000. Garde Capital Inc. purchased a new stake in shares of Microchip Technology during the 1st quarter worth $30,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Microchip Technology during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Trading Down 1.1%

MCHP traded down $0.84 during midday trading on Thursday, hitting $72.32. The company's stock had a trading volume of 3,810,846 shares, compared to its average volume of 8,886,424. The firm has a market cap of $39.01 billion, a P/E ratio of -7,232.00, a PEG ratio of 2.18 and a beta of 1.52. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $96.98. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The firm has a 50-day moving average price of $61.10 and a two-hundred day moving average price of $55.65.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same quarter last year, the firm posted $0.57 earnings per share. Microchip Technology's revenue was down 26.8% on a year-over-year basis. On average, research analysts anticipate 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 Thursday, June 5th. Stockholders of record on Thursday, May 22nd were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Insider Transactions at Microchip Technology

In related news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the transaction, the director owned 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

MCHP has been the subject of several research reports. Needham & Company LLC reaffirmed a "buy" rating and set a $66.00 price objective on shares of Microchip Technology in a report on Friday, May 9th. Raymond James Financial boosted their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Wall Street Zen raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Rosenblatt Securities lifted their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Finally, UBS Group raised their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and an average price target of $70.15.

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.