Financial Counselors Inc. Sells 3,778 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Financial Counselors Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 37.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,344 shares of the semiconductor company's stock after selling 3,778 shares during the quarter. Financial Counselors Inc.'s holdings in Microchip Technology were worth $307,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC bought a new position in Microchip Technology during the fourth quarter valued at approximately $3,818,000. Independent Advisor Alliance lifted its position in Microchip Technology by 136.2% during the fourth quarter. Independent Advisor Alliance now owns 10,627 shares of the semiconductor company's stock valued at $609,000 after purchasing an additional 6,127 shares during the period. AGF Management Ltd. bought a new position in Microchip Technology during the fourth quarter valued at approximately $405,000. HighTower Advisors LLC raised its position in Microchip Technology by 5.6% in the fourth quarter. HighTower Advisors LLC now owns 95,983 shares of the semiconductor company's stock worth $5,505,000 after acquiring an additional 5,097 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in Microchip Technology by 55.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,988 shares of the semiconductor company's stock worth $171,000 after acquiring an additional 1,069 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Stifel Nicolaus increased their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a research report on Friday, May 9th. The Goldman Sachs Group assumed coverage on shares of Microchip Technology in a research report on Thursday. They issued a "buy" rating and a $88.00 price target on the stock. KeyCorp increased their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $75.10.

Microchip Technology Price Performance

MCHP traded down $0.51 during trading on Monday, hitting $74.05. 5,753,702 shares of the company traded hands, compared to its average volume of 8,947,534. The company has a market cap of $39.96 billion, a PE ratio of -7,405.00, a P/E/G ratio of 2.22 and a beta of 1.52. The stock's 50-day simple moving average is $64.36 and its two-hundred day simple moving average is $56.31. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $96.98. 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 (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $962.86 million. During the same period last year, the company posted $0.57 earnings per share. Microchip Technology's quarterly revenue was down 26.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders 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 2.46%. Microchip Technology's payout ratio is currently -18,200.00%.

Insider Activity

In other news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director owned 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by company insiders.

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.