MainStreet Investment Advisors LLC Sells 8,499 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

MainStreet Investment Advisors LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 7.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 103,266 shares of the semiconductor company's stock after selling 8,499 shares during the period. MainStreet Investment Advisors LLC's holdings in Microchip Technology were worth $4,999,000 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. 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 worth $2,254,000 after purchasing an additional 209 shares during the period. Northwest Bank & Trust Co boosted its stake in shares of Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after purchasing an additional 217 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Microchip Technology by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock valued at $2,238,000 after purchasing an additional 230 shares during the period. Greenleaf Trust boosted its stake in shares of Microchip Technology by 1.0% during the first quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock valued at $1,207,000 after purchasing an additional 242 shares during the period. Finally, Bartlett & CO. Wealth Management LLC boosted its stake in shares of Microchip Technology by 3.4% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock valued at $405,000 after purchasing an additional 276 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Citigroup boosted their price objective on shares of Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a research report on Monday. Mizuho boosted their price objective on shares of Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday. Raymond James Financial boosted their price objective 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. Cantor Fitzgerald assumed coverage on shares of Microchip Technology in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 price objective for the company. Finally, UBS Group boosted their price objective on shares of Microchip Technology from $65.00 to $85.00 and gave the company a "buy" rating in a research report on Monday. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of "Moderate Buy" and a consensus price target of $73.85.

Insider Buying and Selling

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the company's 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 transaction, the director owned 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer owned 34,313 shares in the company, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

Microchip Technology Trading Up 0.2%

NASDAQ MCHP opened at $74.68 on Thursday. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The firm has a market cap of $40.30 billion, a PE ratio of -7,468.00, a price-to-earnings-growth ratio of 2.22 and a beta of 1.52. The company has a 50 day moving average price of $63.24 and a 200 day moving average price of $56.12. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. Microchip Technology's revenue was down 26.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.57 EPS. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were paid a dividend of $0.455 per share. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.44%. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Microchip Technology 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.

Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.