Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden has reduced its stake in Microchip Technology by 5.0%, selling 5,800 shares, leaving it with 110,400 shares valued at approximately $5.34 million.
• Microchip Technology has received various analyst ratings recently, with price targets ranging from $56.00 to $90.00 and an overall consensus suggesting a "Moderate Buy".
• The company announced a quarterly dividend of $0.455, with a yield of 2.9% for shareholders of record, reflecting its ongoing commitment to returning value to investors.

Forsta AP Fonden trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 5.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 110,400 shares of the semiconductor company's stock after selling 5,800 shares during the quarter. Forsta AP Fonden's holdings in Microchip Technology were worth $5,344,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MCHP. Vanguard Group Inc. increased its stake in Microchip Technology by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 69,302,614 shares of the semiconductor company's stock valued at $3,354,940,000 after buying an additional 390,269 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Microchip Technology by 138.9% in the first quarter. Goldman Sachs Group Inc. now owns 8,834,550 shares of the semiconductor company's stock valued at $427,681,000 after acquiring an additional 5,136,154 shares in the last quarter. Northern Trust Corp increased its stake in shares of Microchip Technology by 4.7% during the fourth quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company's stock worth $399,070,000 after acquiring an additional 311,796 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Microchip Technology by 273.2% during the fourth 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Microchip Technology by 3.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,266,402 shares of the semiconductor company's stock valued at $158,127,000 after purchasing an additional 122,633 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Price Performance

Microchip Technology stock traded up $3.55 during mid-day trading on Tuesday, hitting $64.50. 12,673,559 shares of the company were exchanged, compared to its average volume of 9,757,185. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $82.87. The company has a market capitalization of $34.81 billion, a P/E ratio of -189.71, a PEG ratio of 1.79 and a beta of 1.55. The business's 50 day simple moving average is $69.68 and its two-hundred day simple moving average is $58.16. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.31 and a quick ratio of 1.33.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The semiconductor company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.03. The firm had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $1.05 billion. Microchip Technology had a positive return on equity of 6.24% and a negative net margin of 3.50%. The firm's quarterly revenue was down 13.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.53 EPS. Analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The company 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. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.8%. Microchip Technology's dividend payout ratio is presently -535.29%.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on 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 directly owned 3,468 shares of the company's stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the business'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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MCHP. Evercore ISI lifted their price target on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. UBS Group raised their target price on Microchip Technology from $65.00 to $85.00 and gave the company a "buy" rating in a report on Monday, July 7th. Susquehanna upped 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. Wall Street Zen upgraded shares of Microchip Technology from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Finally, Citigroup boosted their price objective on shares of Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology currently has an average rating of "Moderate Buy" and an average price target of $76.58.

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.