Hartline Investment Corp Sells 8,900 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Hartline Investment Corp lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 23.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 28,450 shares of the semiconductor company's stock after selling 8,900 shares during the quarter. Hartline Investment Corp's holdings in Microchip Technology were worth $1,377,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of MCHP. Fisher Asset Management LLC boosted its stake in shares of Microchip Technology by 24.5% during the 4th quarter. Fisher Asset Management LLC now owns 3,495 shares of the semiconductor company's stock worth $200,000 after buying an additional 687 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Microchip Technology by 14.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,380 shares of the semiconductor company's stock valued at $250,000 after purchasing an additional 544 shares during the last quarter. Modera Wealth Management LLC grew its stake in Microchip Technology by 12.2% in the fourth quarter. Modera Wealth Management LLC now owns 4,153 shares of the semiconductor company's stock valued at $238,000 after purchasing an additional 452 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Microchip Technology by 15.7% during the 4th quarter. Jones Financial Companies Lllp now owns 16,418 shares of the semiconductor company's stock worth $942,000 after purchasing an additional 2,226 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in shares of Microchip Technology in the fourth quarter valued at $51,000. Institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

MCHP has been the topic of several research analyst reports. UBS Group upped their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 30th. TD Cowen increased their price objective on Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Raymond James Financial boosted their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. B. Riley upped their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. Seven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus target price of $70.15.

Microchip Technology Stock Performance

Shares of MCHP opened at $72.32 on Friday. The firm has a market capitalization of $39.01 billion, a P/E ratio of -7,232.00, a P/E/G ratio of 2.18 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The stock has a 50 day moving average price of $61.10 and a two-hundred day moving average price of $55.65.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm's revenue for the quarter was down 26.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 earnings per share. Equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

Insider Activity

In other news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred 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 of the company's stock, valued at $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 is available at the SEC website. Also, 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 sale, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

About Microchip Technology

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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