Crossmark Global Holdings Inc. Sells 60,296 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Crossmark Global Holdings Inc. lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 43.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 79,994 shares of the semiconductor company's stock after selling 60,296 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Microchip Technology were worth $3,872,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rakuten Securities Inc. grew its stake in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in Microchip Technology during the fourth quarter valued at approximately $29,000. Millstone Evans Group LLC bought a new stake in Microchip Technology during the fourth quarter valued at approximately $34,000. Garde Capital Inc. bought a new stake in Microchip Technology during the first quarter valued at approximately $30,000. Finally, Orion Capital Management LLC bought a new stake in Microchip Technology during the fourth quarter valued at approximately $41,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Rosenblatt Securities boosted their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a research report on Friday, May 9th. Cantor Fitzgerald started coverage on shares of Microchip Technology in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 price target for the company. Stifel Nicolaus boosted their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Truist Financial boosted their target price on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. Six investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.10.

Microchip Technology Trading Down 0.7%

Shares of MCHP traded down $0.52 during midday trading on Friday, hitting $74.56. The stock had a trading volume of 4,885,909 shares, compared to its average volume of 8,934,322. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $96.98. The firm has a market cap of $40.24 billion, a PE ratio of -7,456.00, a price-to-earnings-growth ratio of 2.22 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The stock's 50 day moving average is $63.83 and its 200 day moving average is $56.23.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted 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. The firm 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 for the quarter was down 26.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 earnings per share. As a group, analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is presently -18,200.00%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the 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 directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction 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. The trade was a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

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.