Callan Family Office LLC Sells 24,157 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Callan Family Office LLC has reduced its stake in Microchip Technology Incorporated by 41.6%, holding 33,976 shares valued at approximately $1.645 million after selling 24,157 shares in the first quarter.
• Despite the stake reduction, other institutional investors have shown strong interest, with First Citizens Bank & Trust Co. increasing their position by 468.2%, now owning 73,737 shares valued at about $3.57 million.
• Microchip Technology recently declared a quarterly dividend of $0.455 per share, translating to an annualized amount of $1.82 and a dividend yield of 2.8%, despite a negative payout ratio of -535.29%.

Callan Family Office LLC trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 41.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,976 shares of the semiconductor company's stock after selling 24,157 shares during the quarter. Callan Family Office LLC's holdings in Microchip Technology were worth $1,645,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in MCHP. Northwest Bank & Trust Co lifted its holdings in shares of Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after purchasing an additional 217 shares during the last quarter. Clearstead Trust LLC boosted its holdings in shares of Microchip Technology by 10.5% during the 1st quarter. Clearstead Trust LLC now owns 2,356 shares of the semiconductor company's stock valued at $114,000 after purchasing an additional 224 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of Microchip Technology by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock valued at $2,238,000 after buying an additional 230 shares in the last quarter. Greenleaf Trust raised its position in Microchip Technology by 1.0% in the 1st quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock worth $1,207,000 after purchasing an additional 242 shares during the period. Finally, Bartlett & CO. Wealth Management LLC grew its stake in Microchip Technology by 3.4% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock worth $405,000 after acquiring an additional 276 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

MCHP stock traded down $0.28 during midday trading on Friday, hitting $65.71. The stock had a trading volume of 7,744,425 shares, compared to its average volume of 10,186,693. The company has a current ratio of 2.31, a quick ratio of 1.33 and a debt-to-equity ratio of 0.80. The stock has a 50-day simple moving average of $69.75 and a 200 day simple moving average of $58.36. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $82.87. The firm has a market capitalization of $35.46 billion, a price-to-earnings ratio of -193.26, a P/E/G ratio of 1.93 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released 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 positive return on equity of 6.24% and a negative net margin of 3.50%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same period in the prior year, the company posted $0.53 earnings per share. The business's revenue for the quarter was down 13.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be paid a $0.455 dividend. The ex-dividend date is Friday, August 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.8%. Microchip Technology's dividend payout ratio (DPR) is -535.29%.

Insiders Place Their Bets

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was 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 approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction dated 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 owned 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Citigroup raised their target price on shares of Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Stifel Nicolaus lifted their price objective on shares of Microchip Technology from $70.00 to $82.00 and gave the company a "buy" rating in a report on Friday, July 18th. Bank of America raised shares of 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. The Goldman Sachs Group started coverage on shares of Microchip Technology in a research note on Thursday, July 10th. They set a "buy" rating and a $88.00 target price for the company. Finally, KeyCorp boosted their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average price target of $76.58.

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.