Aurdan Capital Management LLC Sells 27,907 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Aurdan Capital Management LLC decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 24.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 88,467 shares of the semiconductor company's stock after selling 27,907 shares during the period. Microchip Technology makes up 1.6% of Aurdan Capital Management LLC's holdings, making the stock its 16th biggest holding. Aurdan Capital Management LLC's holdings in Microchip Technology were worth $4,283,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MCHP. Norges Bank acquired a new position in shares of Microchip Technology during the 4th quarter valued at $452,627,000. Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after acquiring an additional 3,912,895 shares during the period. Franklin Resources Inc. raised its holdings in Microchip Technology by 90.0% during the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after buying an additional 3,013,162 shares during the last quarter. Meritage Group LP acquired a new position in Microchip Technology during the fourth quarter worth $145,033,000. Finally, Fiduciary Management Inc. WI acquired a new position in Microchip Technology during the fourth quarter worth $119,431,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Price Performance

MCHP traded down $0.52 on Friday, reaching $74.56. The company had a trading volume of 4,885,920 shares, compared to its average volume of 8,960,359. The business has a 50 day simple moving average of $64.36 and a 200 day simple moving average of $56.31. The company has a market cap of $40.24 billion, a price-to-earnings ratio of -7,456.00, a P/E/G ratio of 2.22 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $96.98.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business's revenue was down 26.8% compared to the same quarter last year. During the same period last year, the firm posted $0.57 earnings per share. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director owned 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.94% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective on the stock in a report on Friday, May 9th. KeyCorp upped their price objective on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Evercore ISI upped their price objective on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Cantor Fitzgerald initiated coverage on shares of Microchip Technology in a research note on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 target price for the company. Finally, The Goldman Sachs Group assumed coverage on shares of Microchip Technology in a research note on Thursday. They issued a "buy" rating and a $88.00 target price for the company. Six equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $75.10.

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.