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Frank Rimerman Advisors LLC Has $659,000 Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Microchip Technology logo with Computer and Technology background

Key Points

  • Frank Rimerman Advisors LLC reduced its holdings in Microchip Technology by 49.3% during the first quarter, now owning 13,605 shares valued at $659,000.
  • Microchip Technology's stock is currently down 6.6%, with shares trading at $61.87 and a market capitalization of $33.39 billion.
  • The company declared a quarterly dividend of $0.455 per share, which represents an annualized dividend yield of 2.9%.
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Frank Rimerman Advisors LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 49.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,605 shares of the semiconductor company's stock after selling 13,213 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Microchip Technology were worth $659,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. First Citizens Bank & Trust Co. raised its position in shares of Microchip Technology by 468.2% during the first quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company's stock worth $3,570,000 after purchasing an additional 60,760 shares during the period. Everhart Financial Group Inc. acquired a new position in shares of Microchip Technology during the first quarter worth approximately $221,000. Texas Bank & Trust Co acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $792,000. Czech National Bank raised its position in shares of Microchip Technology by 6.1% during the first quarter. Czech National Bank now owns 123,528 shares of the semiconductor company's stock worth $5,980,000 after purchasing an additional 7,093 shares during the period. Finally, Sowell Financial Services LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $318,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Down 6.6%

Shares of NASDAQ:MCHP opened at $61.87 on Monday. The company has a market capitalization of $33.39 billion, a PE ratio of -181.97, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.31 and a quick ratio of 1.33. The business has a fifty day moving average price of $69.65 and a two-hundred day moving average price of $58.09. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $82.87.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.03. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate 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 for the quarter was down 13.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 EPS. Analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be paid a dividend of $0.455 per share. The ex-dividend date is Friday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.9%. Microchip Technology's dividend payout ratio is presently -535.29%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Rosenblatt Securities upped their target price on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Morgan Stanley upped their target price on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Evercore ISI upped their target price on Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Needham & Company LLC upped their price target on Microchip Technology from $66.00 to $77.00 and gave the stock a "buy" rating in a report on Friday. Finally, Stifel Nicolaus upped their price target on Microchip Technology from $70.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Six investment 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, Microchip Technology has an average rating of "Moderate Buy" and a consensus target price of $76.58.

Get Our Latest Stock Report on Microchip Technology

Insider Buying and Selling at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director owned 3,468 shares in the company, valued at approximately $210,472.92. This 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 this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on 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 owned 34,313 shares of the company's stock, valued at $1,913,979.14. The trade was 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 corporate insiders.

Microchip Technology Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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