Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $609,000 Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Empirical Financial Services LLC reduced its stake in Microchip Technology by 71.3%, selling 31,200 shares during the first quarter, leaving them with 12,580 shares valued at approximately $609,000.
• Various institutional investors have increased their holdings in Microchip Technology, with 91.51% of the stock being owned by such investors.
• Microchip Technology announced a quarterly dividend of $0.455 per share, representing a yield of 2.7%, despite a negative net margin of 0.01% during its latest earnings report.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 71.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,580 shares of the semiconductor company's stock after selling 31,200 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Microchip Technology were worth $609,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position in shares of Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after buying an additional 209 shares during the period. Northwest Bank & Trust Co grew its position in Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock worth $424,000 after buying an additional 217 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in shares of Microchip Technology by 0.5% in 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 purchasing an additional 230 shares during the last quarter. Greenleaf Trust boosted its holdings in shares of Microchip Technology by 1.0% in the 1st quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock valued at $1,207,000 after buying an additional 242 shares during the period. Finally, Bartlett & CO. Wealth Management LLC raised its holdings in shares of Microchip Technology by 3.4% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock valued at $405,000 after acquiring an additional 276 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Down 0.3%

Shares of MCHP stock traded down $0.17 during trading on Thursday, reaching $66.00. The company's stock had a trading volume of 8,766,236 shares, compared to its average volume of 10,453,001. The stock's 50-day moving average price is $69.39 and its 200 day moving average price is $58.02. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $82.87. 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 company has a market capitalization of $35.62 billion, a price-to-earnings ratio of -6,599.70, a P/E/G ratio of 1.94 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate 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%. Microchip Technology's quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter last year, the company earned $0.57 EPS. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Analyst Upgrades and Downgrades

MCHP has been the topic of several recent research reports. TD Cowen raised their target price on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. Raymond James Financial raised their price target on Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. Morgan Stanley upped their price objective on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. Rosenblatt Securities raised their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Finally, Susquehanna increased their price target on Microchip Technology from $60.00 to $90.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. Six investment 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 stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $74.42.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the firm'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 value of $29,980.86. Following the sale, the director directly owned 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.94% of the company's stock.

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.