Kingsview Wealth Management LLC Decreases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Kingsview Wealth Management LLC reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 38.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,897 shares of the semiconductor company's stock after selling 3,643 shares during the period. Kingsview Wealth Management LLC's holdings in Microchip Technology were worth $285,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MCHP. Norges Bank bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $452,627,000. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of 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 valued at $306,541,000 after purchasing an additional 3,912,895 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Microchip Technology by 90.0% during the fourth 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 in the last quarter. Meritage Group LP bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $145,033,000. Finally, Fiduciary Management Inc. WI bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $119,431,000. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several analyst reports. Raymond James Financial boosted their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday, May 9th. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a research report on Friday, May 9th. Rosenblatt Securities increased 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. Mizuho raised their price target on Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Needham & Company LLC restated a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. Six equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $75.70.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded up $1.40 during trading on Friday, hitting $69.21. 8,352,945 shares of the stock were exchanged, compared to its average volume of 7,450,901. The company has a fifty day moving average price of $67.83 and a two-hundred day moving average price of $57.38. The company has a market cap of $37.35 billion, a PE ratio of -6,921.00, a P/E/G ratio of 1.92 and a beta of 1.52. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $89.59.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS 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 analyst estimates 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 quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 EPS. On average, analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.63%. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer directly owned 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director owned 3,468 shares of the company's stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.94% of the company's stock.

Microchip Technology Company 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.