LPL Financial LLC lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 14.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 464,596 shares of the semiconductor company's stock after selling 77,409 shares during the period. LPL Financial LLC owned about 0.09% of Microchip Technology worth $22,491,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. First Citizens Bank & Trust Co. grew its stake in Microchip Technology by 468.2% during the 1st quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company's stock valued at $3,570,000 after acquiring an additional 60,760 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Microchip Technology by 9.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,511,663 shares of the semiconductor company's stock worth $201,394,000 after acquiring an additional 309,193 shares during the last quarter. Bristol Gate Capital Partners Inc. boosted its position in Microchip Technology by 23.4% during the fourth quarter. Bristol Gate Capital Partners Inc. now owns 1,184,159 shares of the semiconductor company's stock valued at $67,912,000 after purchasing an additional 224,841 shares during the last quarter. Everhart Financial Group Inc. purchased a new position in Microchip Technology in the first quarter valued at about $221,000. Finally, Texas Bank & Trust Co purchased a new stake in shares of Microchip Technology during the 4th quarter worth about $792,000. 91.51% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Microchip Technology
In related news, 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 of the company's stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available 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 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 trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of research firms have issued reports on MCHP. Susquehanna lifted their target price on shares of Microchip Technology from $60.00 to $90.00 and gave the company a "positive" rating in a research note on Tuesday, July 22nd. Needham & Company LLC boosted their price target on Microchip Technology from $66.00 to $77.00 and gave the stock a "buy" rating in a research report on Friday. TD Cowen cut their price objective on Microchip Technology from $75.00 to $60.00 and set a "hold" rating on the stock in a research note on Friday. Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price for the company in a research report on Friday, May 9th. Finally, KeyCorp lifted their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Six 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, the company has a consensus rating of "Moderate Buy" and an average target price of $76.58.
Check Out Our Latest Report on Microchip Technology
Microchip Technology Stock Performance
MCHP traded down $3.45 on Friday, hitting $62.77. 12,145,711 shares of the stock traded hands, compared to its average volume of 10,500,033. The business has a fifty day moving average price of $69.39 and a two-hundred day moving average price of $58.02. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $33.88 billion, a PE ratio of -6,280.70, a P/E/G ratio of 1.91 and a beta of 1.55. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week 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 for the quarter, topping the consensus estimate of $0.24 by $0.03. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.05 billion. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. Microchip Technology's revenue for the quarter was down 13.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.53 EPS. On average, research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.
Microchip Technology Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.9%. Microchip Technology's payout ratio is -18,200.00%.
About Microchip Technology
(
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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