Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 534,851 shares of the semiconductor company's stock after selling 57,262 shares during the period. Fifth Third Bancorp owned about 0.10% of Microchip Technology worth $25,892,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in Microchip Technology during the 4th quarter worth about $26,000. Rakuten Securities Inc. grew 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 worth $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology during the fourth quarter worth approximately $29,000. Kohmann Bosshard Financial Services LLC acquired a new stake in Microchip Technology in the fourth quarter valued at approximately $34,000. Finally, Millstone Evans Group LLC acquired a new stake in Microchip Technology in the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Price Performance

Microchip Technology stock traded down $2.20 during trading hours on Friday, hitting $65.73. The stock had a trading volume of 9,841,187 shares, compared to its average volume of 8,788,437. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98. The stock has a market capitalization of $35.45 billion, a price-to-earnings ratio of 117.38 and a beta of 1.48. The stock's fifty day moving average is $52.17 and its two-hundred day moving average is $55.01. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the prior year, the firm earned $0.57 earnings per share. The company's revenue for the quarter was down 26.8% compared to the same quarter last year. As a group, analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.77%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Analyst Ratings Changes

Several research analysts have commented on MCHP shares. 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 report on Friday, May 9th. B. Riley boosted their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Truist Financial raised their price target on Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a research note on Friday, May 9th. Raymond James upped their price objective on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Finally, Stifel Nicolaus lifted their price target on Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average target price of $69.53.

Insider Activity at Microchip Technology

In related news, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction 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 completion of the transaction, the director now directly owns 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 value of $112,396.70. Following the transaction, the chief financial officer now owns 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.

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.