Legacy Capital Wealth Partners LLC lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 42.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 5,455 shares of the semiconductor company's stock after selling 4,036 shares during the quarter. Legacy Capital Wealth Partners LLC's holdings in Microchip Technology were worth $264,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Federated Hermes Inc. boosted its stake in shares of Microchip Technology by 0.5% during the 4th 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 boosted its stake in shares of 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 buying an additional 217 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Microchip Technology by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock valued at $2,238,000 after buying an additional 230 shares during the last quarter. Greenleaf Trust boosted its stake in shares of Microchip Technology by 1.0% during the 1st quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock valued at $1,207,000 after buying an additional 242 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC boosted its stake in shares of 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 buying an additional 276 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.
Insider Activity
In related news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction dated Friday, May 23rd. The stock was 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 directly owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction dated Tuesday, May 20th. The stock was 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. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate insiders.
Microchip Technology Trading Up 0.6%
Shares of NASDAQ:MCHP traded up $0.48 during midday trading on Friday, reaching $74.78. The company had a trading volume of 5,239,358 shares, compared to its average volume of 8,966,605. 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 1-year low of $34.13 and a 1-year high of $93.23. The firm has a market cap of $40.36 billion, a price-to-earnings ratio of -7,478.00, a price-to-earnings-growth ratio of 2.23 and a beta of 1.52. The company has a fifty day simple moving average of $66.82 and a two-hundred day simple moving average of $56.90.
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, beating analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same quarter last year, the company posted $0.57 EPS. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. Research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.
Microchip Technology Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.43%. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.
Analyst Upgrades and Downgrades
MCHP has been the topic of several research reports. TD Cowen upped their price target on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, May 9th. Cantor Fitzgerald initiated coverage on Microchip Technology in a research report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price target on the stock. Morgan Stanley upped their price target on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Bank of America raised 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. Finally, Evercore ISI upped their price target on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Six analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has an average rating of "Moderate Buy" and an average price target of $75.70.
Check Out Our Latest Research Report on MCHP
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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