Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Bellwether Advisors LLC

Key Points

• Bellwether Advisors LLC reduced its stake in Microchip Technology by 34.8%, selling 53,281 shares and bringing their total ownership to 99,751 shares valued at approximately $4.83 million.
• Several institutional investors, including Invesco Ltd. and Franklin Resources Inc., have increased their positions in Microchip Technology, with the company now having 91.51% of its stock owned by institutional investors.
• Analysts are positive about Microchip Technology, with most reports giving it a consensus rating of "Moderate Buy" and pricing targets increasing to an average of $75.70.

Bellwether Advisors LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 34.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,751 shares of the semiconductor company's stock after selling 53,281 shares during the quarter. Microchip Technology makes up approximately 1.0% of Bellwether Advisors LLC's holdings, making the stock its 22nd largest holding. Bellwether Advisors LLC's holdings in Microchip Technology were worth $4,829,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Invesco Ltd. lifted its holdings in shares of Microchip Technology by 9.5% during the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock valued at $587,718,000 after purchasing an additional 890,819 shares during the last quarter. Norges Bank bought a new position in Microchip Technology in the 4th quarter valued at approximately $452,627,000. FIL Ltd lifted its position in Microchip Technology by 9.0% in the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after acquiring an additional 653,705 shares in the last quarter. Northern Trust Corp lifted its position in Microchip Technology by 4.7% in the 4th quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company's stock valued at $399,070,000 after acquiring an additional 311,796 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after acquiring an additional 3,013,162 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Down 3.9%

Shares of MCHP stock traded down $2.75 on Thursday, reaching $67.54. 4,682,753 shares of the stock were exchanged, compared to its average volume of 10,430,157. 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 business's 50 day moving average price is $68.45 and its 200 day moving average price is $57.68. The company has a market capitalization of $36.45 billion, a price-to-earnings ratio of -6,767.40, a PEG ratio of 2.04 and a beta of 1.52. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $89.59.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating 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 business had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. During the same period in the prior year, the company earned $0.57 earnings per share. The business's revenue was down 26.8% compared to the same quarter last year. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced 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. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MCHP shares. B. Riley upped their price objective on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. The Goldman Sachs Group assumed coverage on Microchip Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $88.00 target price for the company. TD Cowen boosted their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research note on Friday, May 9th. Rosenblatt Securities upped their target price on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. Six research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.70.

Insider Transactions at Microchip Technology

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

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.