Blair William & Co. IL Has $13.63 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Blair William & Co. IL significantly reduced its stake in Microchip Technology by 58.1% in the first quarter, selling 389,821 shares and holding approximately 281,466 shares worth $13.6 million.
• Microchip Technology's stock was trading at $67.13, and the company has a market cap of $36.23 billion, with a notable 52-week price range between $34.13 and $82.87.
• In May, the company declared a quarterly dividend of $0.455 per share, yielding 2.7%, while also reporting a net revenue drop of 26.8% year-over-year.

Blair William & Co. IL reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 58.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 281,466 shares of the semiconductor company's stock after selling 389,821 shares during the period. Blair William & Co. IL owned approximately 0.05% of Microchip Technology worth $13,626,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Generali Investments Towarzystwo Funduszy Inwestycyjnych lifted its holdings in shares of Microchip Technology by 7.2% in the 1st quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 52,400 shares of the semiconductor company's stock valued at $2,537,000 after buying an additional 3,500 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Microchip Technology by 52.2% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 11,692 shares of the semiconductor company's stock worth $579,000 after purchasing an additional 4,010 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Microchip Technology by 9.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 132,697 shares of the semiconductor company's stock worth $6,424,000 after purchasing an additional 10,914 shares in the last quarter. Jefferies Financial Group Inc. grew its stake in shares of Microchip Technology by 358.9% during the 1st quarter. Jefferies Financial Group Inc. now owns 228,469 shares of the semiconductor company's stock worth $11,060,000 after purchasing an additional 178,685 shares during the period. Finally, Bank of Jackson Hole Trust increased its holdings in shares of Microchip Technology by 7.7% in the 1st quarter. Bank of Jackson Hole Trust now owns 8,654 shares of the semiconductor company's stock valued at $419,000 after purchasing an additional 616 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MCHP has been the topic of several research analyst reports. Mizuho boosted their price target on Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a report on Friday, May 9th. Evercore ISI upped their target price on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Truist Financial raised their price target on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. Finally, Citigroup boosted their price objective on shares of Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Six research 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 company's stock. According to MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus price target of $76.58.

Microchip Technology Stock Performance

NASDAQ:MCHP traded down $3.61 during midday trading on Friday, reaching $62.62. The stock had a trading volume of 14,224,128 shares, compared to its average volume of 10,512,948. The stock has a market capitalization of $33.79 billion, a P/E ratio of -6,283.20, a PEG ratio of 1.91 and a beta of 1.55. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $82.87. The firm's fifty day simple moving average is $69.39 and its 200-day simple moving average is $58.02.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter last year, the company posted $0.53 earnings per share. Microchip Technology's quarterly revenue was down 13.3% on a year-over-year basis. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.9%. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Insider Activity

In related news, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the company's 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 transaction, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.94% of the company's stock.

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.