Envestnet Portfolio Solutions Inc. Sells 29,863 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Envestnet Portfolio Solutions Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 25.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 87,077 shares of the semiconductor company's stock after selling 29,863 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Microchip Technology were worth $4,215,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MCHP. Mainstream Capital Management LLC bought a new position in Microchip Technology during the 4th quarter worth approximately $26,000. Rakuten Securities Inc. raised its holdings in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 359 shares during the last quarter. OFI Invest Asset Management bought a new position in Microchip Technology during the 4th quarter worth approximately $29,000. Kohmann Bosshard Financial Services LLC bought a new position in Microchip Technology during the 4th quarter worth approximately $34,000. Finally, Millstone Evans Group LLC bought a new position in Microchip Technology during the 4th quarter worth approximately $34,000. Institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a research note on Friday, May 9th. Cantor Fitzgerald began coverage on shares of Microchip Technology in a report on Wednesday. They set a "neutral" rating and a $70.00 price objective on the stock. Evercore ISI lifted their price objective on Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Stifel Nicolaus boosted their price objective on Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Citigroup increased their target price on shares of Microchip Technology from $55.00 to $68.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $70.15.

Insider Buying and Selling

In other Microchip Technology 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 value of $29,980.86. Following the sale, the director now owns 3,468 shares of the company's stock, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm'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 completion of the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded up $0.95 on Friday, hitting $68.97. 19,067,211 shares of the company traded hands, compared to its average volume of 8,857,721. The firm's 50-day simple moving average is $55.54 and its 200 day simple moving average is $54.93. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The company has a market cap of $37.20 billion, a P/E ratio of -6,897.00, a P/E/G ratio of 2.05 and a beta of 1.48. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month 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 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business's quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter last year, the company posted $0.57 EPS. Analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is presently -18,200.00%.

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.