Manning & Napier Advisors LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 23.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 104,223 shares of the semiconductor company's stock after selling 32,790 shares during the period. Manning & Napier Advisors LLC's holdings in Microchip Technology were worth $5,045,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in MCHP. Vanguard Group Inc. boosted its holdings in shares of Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after purchasing an additional 569,699 shares during the last quarter. Invesco Ltd. boosted its position in shares of Microchip Technology by 9.5% in the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock worth $587,718,000 after acquiring an additional 890,819 shares during the last quarter. Norges Bank purchased a new position in Microchip Technology during the fourth quarter worth approximately $452,627,000. FIL Ltd boosted its holdings in shares of Microchip Technology by 9.0% in the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after purchasing an additional 653,705 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Microchip Technology by 4.7% during the 4th quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company's stock worth $399,070,000 after buying an additional 311,796 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director now directly owns 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% 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 Stock Performance
MCHP stock traded up $1.85 during trading on Tuesday, hitting $70.43. 8,421,202 shares of the company's stock traded hands, compared to its average volume of 8,866,931. The stock has a market capitalization of $37.99 billion, a price-to-earnings ratio of -7,043.00, a price-to-earnings-growth ratio of 2.04 and a beta of 1.48. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The stock has a fifty day moving average price of $56.14 and a two-hundred day moving average price of $55.00. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million for 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 quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.
Microchip Technology Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.
Wall Street Analyst Weigh In
MCHP has been the topic of several research analyst reports. Citigroup lifted their price objective on Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Morgan Stanley increased their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Rosenblatt Securities lifted their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Raymond James Financial increased their price target on Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a report on Friday, May 9th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Microchip Technology presently has an average rating of "Moderate Buy" and an average target price of $70.15.
Read Our Latest Stock Report on Microchip Technology
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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