Private Advisor Group LLC Sells 5,110 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Private Advisor Group LLC decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 8.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,059 shares of the semiconductor company's stock after selling 5,110 shares during the period. Private Advisor Group LLC's holdings in Microchip Technology were worth $2,665,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Garde Capital Inc. acquired a new position in Microchip Technology during the first quarter worth $30,000. Orion Capital Management LLC acquired a new stake in Microchip Technology in the fourth quarter valued at $41,000. Byrne Asset Management LLC acquired a new stake in Microchip Technology in the first quarter valued at $41,000. Aster Capital Management DIFC Ltd lifted its stake in Microchip Technology by 399.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 647 shares during the last quarter. Finally, American National Bank & Trust acquired a new stake in Microchip Technology in the first quarter valued at $48,000. Institutional investors own 91.51% of the company's stock.

Insider Activity at Microchip Technology

In related news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred 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 completion of the transaction, the director owned 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the chief financial officer owned 34,313 shares of the company's stock, valued at $1,913,979.14. This trade represents a 5.55% 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.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MCHP shares. Truist Financial increased their price target on shares of Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research note on Wednesday, June 18th. Evercore ISI increased their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. B. Riley increased their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. KeyCorp increased their price objective 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. Finally, Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective on the stock in a research report on Friday, May 9th. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $75.70.

Microchip Technology Price Performance

MCHP stock traded up $1.40 during mid-day trading on Friday, hitting $69.21. The stock had a trading volume of 8,352,945 shares, compared to its average volume of 7,450,901. 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 52 week low of $34.13 and a 52 week high of $89.59. The firm has a market capitalization of $37.35 billion, a P/E ratio of -6,921.00, a P/E/G ratio of 1.92 and a beta of 1.52. The firm has a fifty day simple moving average of $67.83 and a 200 day simple moving average of $57.38.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same period last year, the firm earned $0.57 EPS. The business's quarterly revenue was down 26.8% compared to the same quarter last year. As a group, research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

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

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.