KBC Group NV Decreases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

KBC Group NV reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 23.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 73,660 shares of the semiconductor company's stock after selling 22,753 shares during the quarter. KBC Group NV's holdings in Microchip Technology were worth $3,566,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of MCHP. Federated Hermes Inc. boosted its position in Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after buying an additional 209 shares during the last quarter. Northwest Bank & Trust Co lifted its stake in Microchip Technology by 3.0% during the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after acquiring an additional 217 shares during the period. Bartlett & CO. Wealth Management LLC lifted its stake in Microchip Technology by 3.4% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock valued at $405,000 after acquiring an additional 276 shares during the period. State of Wyoming boosted its holdings in shares of Microchip Technology by 27.3% in the 4th quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock valued at $75,000 after acquiring an additional 279 shares during the last quarter. Finally, CreativeOne Wealth LLC boosted its stake in shares of Microchip Technology by 1.0% in the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after buying an additional 283 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred 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 sale, the chief financial officer owned 34,313 shares in the company, valued at approximately $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. 2.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MCHP shares. B. Riley boosted their price objective on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Bank of America raised 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. Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price objective on shares of Microchip Technology in a research report on Friday, May 9th. TD Cowen boosted their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. Finally, Rosenblatt Securities raised their target price on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Microchip Technology presently has an average rating of "Moderate Buy" and an average price target of $70.15.

Microchip Technology Trading Up 2.1%

NASDAQ MCHP opened at $73.16 on Thursday. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98. The company has a market capitalization of $39.46 billion, a price-to-earnings ratio of -7,316.00, a price-to-earnings-growth ratio of 2.13 and a beta of 1.52. The firm's fifty day moving average price is $60.60 and its 200 day moving average price is $55.56.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data 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 business 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%. The company's revenue was down 26.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.57 earnings per share. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders 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 2.49%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is currently -18,200.00%.

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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