Envestnet Asset Management Inc. Reduces Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Envestnet Asset Management Inc. reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 62.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,335,975 shares of the semiconductor company's stock after selling 2,175,688 shares during the period. Envestnet Asset Management Inc. owned 0.25% of Microchip Technology worth $64,675,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rakuten Securities Inc. increased its position 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 buying an additional 359 shares during the period. Millstone Evans Group LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at about $34,000. Garde Capital Inc. bought a new stake in shares of Microchip Technology during the first quarter valued at about $30,000. Orion Capital Management LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at about $41,000. Finally, Aster Capital Management DIFC Ltd increased its position in shares of Microchip Technology by 399.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock valued at $46,000 after buying an additional 647 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Down 0.7%

Shares of NASDAQ MCHP traded down $0.52 during trading on Friday, reaching $74.56. The company had a trading volume of 4,885,920 shares, compared to its average volume of 8,960,359. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98. The stock has a market cap of $40.24 billion, a PE ratio of -7,456.00, a P/E/G ratio of 2.22 and a beta of 1.52. The business's 50-day moving average is $64.36 and its 200 day moving average is $56.33. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80.

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, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. During the same period in the prior year, the firm posted $0.57 earnings per share. The company's quarterly revenue was down 26.8% on a year-over-year basis. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction 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 trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer directly owned 34,313 shares in the company, valued at $1,913,979.14. This trade represents 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.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MCHP. The Goldman Sachs Group began coverage on Microchip Technology in a report on Thursday. They set a "buy" rating and a $88.00 price objective for the company. Truist Financial increased their price objective on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research note on Wednesday, June 18th. Wall Street Zen raised Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a research note on Friday, May 9th. Finally, Rosenblatt Securities increased their price objective on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Six investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.10.

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.