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

Crossmark Global Holdings Inc. cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 43.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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.

Several other institutional investors and hedge funds have also bought and sold shares of MCHP. Hexagon Capital Partners LLC increased its stake in shares of Microchip Technology by 50.4% during the first quarter. Hexagon Capital Partners LLC now owns 2,124 shares of the semiconductor company's stock valued at $103,000 after purchasing an additional 712 shares in the last quarter. Penserra Capital Management LLC increased its stake in shares of Microchip Technology by 39.6% during the first quarter. Penserra Capital Management LLC now owns 268,374 shares of the semiconductor company's stock valued at $12,991,000 after purchasing an additional 76,066 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Microchip Technology during the first quarter valued at approximately $107,000. Novare Capital Management LLC increased its stake in shares of Microchip Technology by 9.3% during the first quarter. Novare Capital Management LLC now owns 131,335 shares of the semiconductor company's stock valued at $6,358,000 after purchasing an additional 11,229 shares in the last quarter. Finally, Concurrent Investment Advisors LLC increased its stake in shares of Microchip Technology by 5.6% during the first quarter. Concurrent Investment Advisors LLC now owns 69,275 shares of the semiconductor company's stock valued at $3,354,000 after purchasing an additional 3,644 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Shares of MCHP traded up $0.12 during trading hours on Wednesday, reaching $74.68. 6,484,230 shares of the stock traded hands, compared to its average volume of 8,923,079. 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 52-week low of $34.13 and a 52-week high of $96.98. The company's 50-day moving average price is $62.67 and its two-hundred day moving average price is $55.99. The company has a market cap of $40.28 billion, a P/E ratio of -7,468.00, a price-to-earnings-growth ratio of 2.13 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. During the same quarter in the previous year, the company earned $0.57 EPS. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. On average, analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

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

Insider Activity

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 completion of the transaction, the director owned 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their position. The transaction was disclosed in a document filed 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 shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer directly owned 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 owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. B. Riley raised their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Evercore ISI raised their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Cantor Fitzgerald began coverage on shares of Microchip Technology in a research report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price target for the company. Mizuho raised their price target on shares of Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday. Finally, Citigroup lifted their target price on shares of Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a research report on Monday. Seven investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $73.85.

About Microchip Technology

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.