Microchip Technology Incorporated $MCHP Shares Sold by Financial Advisors Network Inc.

Key Points

• Financial Advisors Network Inc. reduced its stake in Microchip Technology by 85.4%, selling 25,211 shares, leaving them with only 4,301 shares valued at $208,000.
• Microchip Technology's quarterly earnings showed an EPS of $0.27, exceeding estimates, but revenue fell 13.3% year-over-year to $1.08 billion.
• The company announced a quarterly dividend of $0.455 per share, with a dividend yield of 2.8%, payable on September 5th, 2023.

Financial Advisors Network Inc. lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 85.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,301 shares of the semiconductor company's stock after selling 25,211 shares during the quarter. Financial Advisors Network Inc.'s holdings in Microchip Technology were worth $208,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in shares of Microchip Technology by 63.0% during the first quarter. Invesco Ltd. now owns 16,707,031 shares of the semiconductor company's stock worth $808,787,000 after acquiring an additional 6,459,123 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Microchip Technology by 138.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,834,550 shares of the semiconductor company's stock valued at $427,681,000 after purchasing an additional 5,136,154 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after purchasing an additional 3,912,895 shares during the last quarter. Boston Partners raised its position in shares of Microchip Technology by 35.3% in the 1st quarter. Boston Partners now owns 10,726,413 shares of the semiconductor company's stock valued at $517,082,000 after purchasing an additional 2,795,650 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new position in shares of Microchip Technology in the 4th quarter valued at approximately $93,196,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on MCHP shares. Needham & Company LLC raised their price target on shares of Microchip Technology from $66.00 to $77.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. KeyCorp increased their price objective on shares of Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Zacks Research downgraded shares of Microchip Technology from a "strong-buy" rating to a "hold" rating in a research report on Monday. Stifel Nicolaus upped their target price on shares of Microchip Technology from $70.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Finally, Citigroup lifted their price target on Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $76.58.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer owned 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.94% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

NASDAQ MCHP traded down $0.66 during trading hours on Thursday, reaching $66.10. The company's stock had a trading volume of 5,931,054 shares, compared to its average volume of 9,602,978. The company has a current ratio of 2.31, a quick ratio of 1.33 and a debt-to-equity ratio of 0.80. The business has a 50-day simple moving average of $69.50 and a 200 day simple moving average of $58.65. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $82.65. The stock has a market cap of $35.67 billion, a PE ratio of -194.41, a PEG ratio of 1.93 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, August 7th. The semiconductor company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.05 billion. Microchip Technology had a positive return on equity of 6.24% and a negative net margin of 3.50%.The business's revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 earnings per share. Microchip Technology has set its Q2 2026 guidance at 0.340-0.370 EPS. Equities research 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 will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, August 22nd. Microchip Technology's payout ratio is currently -535.29%.

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.