Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Deutsche Bank AG

Key Points

• Deutsche Bank AG reduced its stake in Microchip Technology by 8.2%, now holding approximately 1.33 million shares valued at $64.53 million.
• Bank of America upgraded Microchip Technology's rating from "underperform" to "neutral" with a price target of $56.00, while other analysts have set target prices ranging from $60.00 to $85.00.
• Microchip Technology reported a quarterly earnings per share of $0.27, exceeding analyst expectations, despite a revenue drop of 13.3% year-over-year.

Deutsche Bank AG lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 8.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,332,992 shares of the semiconductor company's stock after selling 118,744 shares during the quarter. Deutsche Bank AG owned about 0.25% of Microchip Technology worth $64,530,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. First Citizens Bank & Trust Co. increased its stake in shares of Microchip Technology by 468.2% during the first 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 during the period. Everhart Financial Group Inc. acquired a new position in shares of Microchip Technology during the first quarter valued at approximately $221,000. Texas Bank & Trust Co acquired a new position in shares of Microchip Technology during the fourth quarter valued at approximately $792,000. Czech National Bank increased its stake in shares of Microchip Technology by 6.1% during the first quarter. Czech National Bank now owns 123,528 shares of the semiconductor company's stock valued at $5,980,000 after acquiring an additional 7,093 shares during the period. Finally, Sowell Financial Services LLC acquired a new position in shares of Microchip Technology during the first quarter valued at approximately $318,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of research analyst reports. Bank of America upgraded 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 note on Friday, May 9th. Truist Financial raised their price objective 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. Piper Sandler raised their price objective on shares of Microchip Technology from $65.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday. Mizuho lifted their price target on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Finally, TD Cowen decreased their price target on shares of Microchip Technology from $75.00 to $60.00 and set a "hold" rating on the stock in a research report on Friday. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and an average target price of $76.58.

Microchip Technology Trading Down 1.5%

Microchip Technology stock opened at $60.95 on Tuesday. The company has a 50 day moving average price of $69.67 and a 200 day moving average price of $58.12. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $82.87. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.33 and a current ratio of 2.31. The firm has a market capitalization of $32.89 billion, a price-to-earnings ratio of -179.26, a P/E/G ratio of 1.79 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.03. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.05 billion. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. The company's revenue for the quarter was down 13.3% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. Research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 22nd will be paid a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.0%. Microchip Technology's dividend payout ratio (DPR) is -535.29%.

Insiders Place Their Bets

In other news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction 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 trade represents a 12.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction 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. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.94% of the company's stock.

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.

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