Bank of New York Mellon Corp Trims Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Bank of New York Mellon Corp lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,156,649 shares of the semiconductor company's stock after selling 103,298 shares during the quarter. Bank of New York Mellon Corp owned about 0.77% of Microchip Technology worth $201,223,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. SBI Securities Co. Ltd. bought a new position in shares of Microchip Technology during the 4th quarter worth about $51,000. Proficio Capital Partners LLC bought a new position in shares of Microchip Technology during the 4th quarter worth about $3,818,000. Larson Financial Group LLC boosted its position in shares of Microchip Technology by 14.6% during the 4th quarter. Larson Financial Group LLC now owns 3,366 shares of the semiconductor company's stock worth $193,000 after purchasing an additional 428 shares in the last quarter. Personal CFO Solutions LLC boosted its position in shares of Microchip Technology by 89.7% during the 4th quarter. Personal CFO Solutions LLC now owns 13,450 shares of the semiconductor company's stock worth $771,000 after purchasing an additional 6,361 shares in the last quarter. Finally, OFI Invest Asset Management bought a new position in shares of Microchip Technology during the 4th quarter worth about $29,000. Institutional investors own 91.51% of the company's stock.

Insider Activity at Microchip Technology

In other 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 transaction of $29,980.86. Following the completion of the sale, the director owned 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm'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. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MCHP. Mizuho increased their price objective on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday. KeyCorp raised their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a research report on Tuesday. Morgan Stanley raised their price target on shares of Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. The Goldman Sachs Group initiated coverage on shares of Microchip Technology in a research report on Thursday. They issued a "buy" rating and a $88.00 price target on the stock. Finally, Evercore ISI raised their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Six equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and an average target price of $75.10.

Microchip Technology Stock Down 0.7%

NASDAQ:MCHP traded down $0.52 on Friday, hitting $74.56. The stock had a trading volume of 4,885,920 shares, compared to its average volume of 8,943,616. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. The stock has a market cap of $40.24 billion, a P/E ratio of -7,456.00, a price-to-earnings-growth ratio of 2.23 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $96.98. The firm's fifty day simple moving average is $63.83 and its two-hundred day simple moving average is $56.23.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $962.86 million. During the same quarter last year, the business posted $0.57 EPS. Microchip Technology's quarterly revenue was down 26.8% compared to the same quarter last year. Analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

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

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.