Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 43.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,994 shares of the semiconductor company's stock after selling 60,296 shares during the period. Crossmark Global Holdings Inc.'s holdings in Microchip Technology were worth $3,872,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Rakuten Securities Inc. boosted its stake in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology during the fourth quarter valued at approximately $29,000. Garde Capital Inc. purchased a new stake in Microchip Technology during the first quarter valued at approximately $30,000. Millstone Evans Group LLC purchased a new stake in Microchip Technology during the fourth quarter valued at approximately $34,000. Finally, Orion Capital Management LLC purchased a new stake in Microchip Technology during the fourth quarter valued at approximately $41,000. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Microchip Technology

In related news, Director Karlton D. Johnson sold 494 shares of the firm'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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm'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 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. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. B. Riley increased their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Needham & Company LLC reissued a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a research report on Friday, May 9th. UBS Group increased their target price on shares of Microchip Technology from $65.00 to $85.00 and gave the company a "buy" rating in a research report on Monday. Stifel Nicolaus increased their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price for the company in a research report on Friday, May 9th. Six 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. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $75.10.

Microchip Technology Stock Performance

Shares of Microchip Technology stock traded up $0.40 during trading on Thursday, hitting $75.08. 7,550,327 shares of the company's stock were exchanged, compared to its average volume of 8,950,893. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. The business has a 50-day simple moving average of $63.24 and a 200-day simple moving average of $56.12. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $96.98. The stock has a market capitalization of $40.52 billion, a price-to-earnings ratio of -7,508.00, a PEG ratio of 2.22 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. During the same quarter last year, the company posted $0.57 earnings per share. The firm's revenue was down 26.8% compared to the same quarter last year. On average, research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.42%. Microchip Technology's dividend payout ratio is presently -18,200.00%.

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.