Boltwood Capital Management Sells 11,601 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Boltwood Capital Management trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 37.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 19,264 shares of the semiconductor company's stock after selling 11,601 shares during the quarter. Boltwood Capital Management's holdings in Microchip Technology were worth $933,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MCHP. Consolidated Planning Corp bought a new stake in Microchip Technology during the 4th quarter valued at $308,000. one8zero8 LLC bought a new position in Microchip Technology during the 4th quarter valued at approximately $384,000. Truist Financial Corp raised its position in Microchip Technology by 5.8% during the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company's stock valued at $55,024,000 after purchasing an additional 52,222 shares during the last quarter. Vanguard Group Inc. raised its position in Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after purchasing an additional 569,699 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Microchip Technology by 90.0% during the fourth 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.

Insiders Place Their Bets

In other news, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction 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 now owns 3,468 shares of the company's stock, valued at $210,472.92. The trade was a 12.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer now directly owns 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. 2.10% of the stock is currently owned by insiders.

Microchip Technology Stock Performance

NASDAQ MCHP traded up $0.88 during trading hours on Friday, hitting $65.25. The company's stock had a trading volume of 8,884,511 shares, compared to its average volume of 8,678,765. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98. The company's 50 day simple moving average is $49.94 and its two-hundred day simple moving average is $54.89. The company has a market cap of $35.20 billion, a P/E ratio of 116.52 and a beta of 1.48. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period in the previous year, the business posted $0.57 earnings per share. The business's revenue for the quarter was down 26.8% on a year-over-year basis. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Analyst Ratings Changes

Several research analysts have commented on the stock. UBS Group upped their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Mizuho increased their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Needham & Company LLC reissued a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a research report on Friday, May 9th. Raymond James increased their price objective on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday, May 9th. Finally, Wall Street Zen downgraded Microchip Technology from a "hold" rating to a "sell" rating in a report on Saturday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $67.68.

Microchip Technology 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.