Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by First National Advisers LLC

Key Points

• First National Advisers LLC reduced its stake in Microchip Technology by 35.9%, selling 26,296 shares to hold 46,994 shares worth approximately $2.3 million at the end of the last quarter.
• Microchip Technology recently reported earnings of $0.11 per share, surpassing analysts' expectations, despite a 26.8% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.455, which equates to an annual yield of 2.63%, highlighting its commitment to returning value to shareholders.

First National Advisers LLC reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 35.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,994 shares of the semiconductor company's stock after selling 26,296 shares during the quarter. First National Advisers LLC's holdings in Microchip Technology were worth $2,275,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MCHP. Franklin Resources Inc. increased its holdings in Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after purchasing an additional 3,013,162 shares during the last quarter. Potomac Fund Management Inc. ADV acquired a new position in Microchip Technology in the fourth quarter valued at $738,000. First Citizens Bank & Trust Co. increased its stake in Microchip Technology by 468.2% in the first quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company's stock valued at $3,570,000 after purchasing an additional 60,760 shares during the period. Allstate Corp acquired a new position in Microchip Technology in the fourth quarter valued at $922,000. Finally, DF Dent & Co. Inc. increased its stake in shares of Microchip Technology by 13.5% during the fourth quarter. DF Dent & Co. Inc. now owns 392,158 shares of the semiconductor company's stock worth $22,490,000 after acquiring an additional 46,608 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,015 shares of the firm's 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 transaction, the chief financial officer owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.94% of the company's stock.

Microchip Technology Trading Down 3.8%

MCHP traded down $2.68 during trading on Thursday, hitting $67.61. The company's stock had a trading volume of 4,682,753 shares, compared to its average volume of 10,430,157. The firm's 50 day moving average price is $68.45 and its 200-day moving average price is $57.68. 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 stock has a market cap of $36.49 billion, a PE ratio of -6,767.40, a PEG ratio of 2.04 and a beta of 1.52. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $89.59.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly 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. The company had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. Microchip Technology's revenue was down 26.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 EPS. On average, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MCHP shares. Needham & Company LLC reiterated a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a research note on Friday, May 9th. B. Riley boosted their price target 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. TD Cowen boosted their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research note on Friday, May 9th. Citigroup boosted their price target on shares of Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, Susquehanna boosted their price target on shares of Microchip Technology from $60.00 to $90.00 and gave the stock a "positive" rating in a research note on Tuesday, July 22nd. Six analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus price target of $75.70.

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.