Bessemer Group Inc. Lowers Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Bessemer Group Inc. reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 72.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,170 shares of the semiconductor company's stock after selling 58,380 shares during the period. Bessemer Group Inc.'s holdings in Microchip Technology were worth $1,072,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Mainstream Capital Management LLC acquired a new position in Microchip Technology in the 4th quarter worth approximately $26,000. Rakuten Securities Inc. boosted its holdings in shares of Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology in the fourth quarter worth $29,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Microchip Technology during the fourth quarter worth $34,000. Finally, Millstone Evans Group LLC acquired a new position in Microchip Technology during the fourth quarter valued at $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Wall Street Zen raised Microchip Technology from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Cantor Fitzgerald initiated coverage on shares of Microchip Technology in a research note on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price objective on the stock. TD Cowen lifted their target price on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Citigroup increased their price target on shares of Microchip Technology from $55.00 to $68.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Raymond James Financial raised their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. Seven investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus price target of $70.15.

Insider Activity

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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the company'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 completion of the transaction, the chief financial officer owned 34,313 shares in the company, valued at $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. Insiders own 2.10% of the company's stock.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $1.14 during midday trading on Thursday, hitting $72.02. The stock had a trading volume of 3,810,652 shares, compared to its average volume of 8,860,733. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The stock has a 50 day simple moving average of $60.60 and a 200-day simple moving average of $55.56. The company has a market capitalization of $38.85 billion, a PE ratio of -7,202.10, a P/E/G ratio of 2.13 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.

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

Microchip Technology Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -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.