Burling Wealth Partners LLC Sells 9,709 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Burling Wealth Partners LLC reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 27.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,312 shares of the semiconductor company's stock after selling 9,709 shares during the period. Burling Wealth Partners LLC's holdings in Microchip Technology were worth $1,225,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of MCHP. Vanguard Group Inc. boosted its position in shares of Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after purchasing an additional 569,699 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after purchasing an additional 3,013,162 shares in the last quarter. Potomac Fund Management Inc. ADV bought a new position in shares of Microchip Technology during the 4th quarter worth about $738,000. First Citizens Bank & Trust Co. boosted its position in shares of Microchip Technology by 468.2% during the 1st quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company's stock worth $3,570,000 after purchasing an additional 60,760 shares in the last quarter. Finally, Allstate Corp bought a new position in shares of Microchip Technology during the 4th quarter worth about $922,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MCHP. UBS Group raised their price target on shares of Microchip Technology from $65.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, July 7th. 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. Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price on the stock in a research report on Friday, May 9th. Mizuho lifted their target price on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Finally, Evercore ISI lifted their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $75.70.

Insider Transactions at Microchip Technology

In other news, 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 transaction, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director owned 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Up 0.6%

MCHP traded up $0.48 during midday trading on Friday, reaching $74.78. The company's stock had a trading volume of 5,239,358 shares, compared to its average volume of 8,941,777. The firm has a market capitalization of $40.36 billion, a price-to-earnings ratio of -7,478.00, a PEG ratio of 2.21 and a beta of 1.52. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $93.31. The stock's 50-day moving average is $66.43 and its 200-day moving average is $56.78.

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, topping analysts' consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business's revenue was down 26.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.57 earnings per share. As a group, research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

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.