Cerity Partners LLC Lowers Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Cerity Partners LLC cut its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 26.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 166,342 shares of the semiconductor company's stock after selling 59,630 shares during the period. Cerity Partners LLC's holdings in Microchip Technology were worth $8,053,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of MCHP. Garde Capital Inc. bought a new stake in Microchip Technology in the 1st quarter worth about $30,000. Millstone Evans Group LLC bought a new stake in Microchip Technology in the 4th quarter worth about $34,000. Orion Capital Management LLC bought a new stake in Microchip Technology in the 4th quarter worth about $41,000. Byrne Asset Management LLC bought a new stake in Microchip Technology in the 1st quarter worth about $41,000. Finally, Aster Capital Management DIFC Ltd increased its holdings in Microchip Technology by 399.4% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock worth $46,000 after buying an additional 647 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Evercore ISI boosted their price target on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Mizuho lifted their price objective on Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Bank of America raised 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. Citigroup lifted their price objective on Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Finally, Rosenblatt Securities lifted their price objective on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Six equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $75.70.

Microchip Technology Stock Performance

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 8,954,014. 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 1 year low of $34.13 and a 1 year high of $93.23. The stock has a market cap of $40.36 billion, a P/E ratio of -7,478.00, a P/E/G ratio of 2.21 and a beta of 1.52. The business's 50-day simple moving average is $66.82 and its 200 day simple moving average is $56.90.

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

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Insider Activity

In other news, 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 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the 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 completion of the transaction, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate insiders.

About Microchip Technology

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.