Geneva Capital Management LLC Lowers Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Geneva Capital Management LLC reduced its position in Microchip Technology by 50.9%, selling 11,518 shares and bringing its total holdings to 11,108 shares valued at approximately $538,000.
• Institutional investors collectively own 91.51% of Microchip Technology’s stock, reflecting significant interest from the investment community.
• Microchip Technology recently reported Q1 earnings of $0.11 per share, surpassing analysts' expectations, though revenue was down 26.8% year-over-year at $970.5 million.

Geneva Capital Management LLC cut its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 50.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,108 shares of the semiconductor company's stock after selling 11,518 shares during the quarter. Geneva Capital Management LLC's holdings in Microchip Technology were worth $538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of MCHP. Garde Capital Inc. purchased a new stake in Microchip Technology during the 1st quarter valued at about $30,000. Orion Capital Management LLC purchased a new position in shares of Microchip Technology in the fourth quarter valued at about $41,000. Byrne Asset Management LLC purchased a new stake in shares of Microchip Technology during the first quarter worth about $41,000. GW&K Investment Management LLC increased its holdings in Microchip Technology by 161.0% during the 1st quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock valued at $45,000 after purchasing an additional 578 shares during the period. Finally, Aster Capital Management DIFC Ltd lifted 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 during the period. 91.51% of the stock is owned by institutional investors.

Microchip Technology Trading Up 0.1%

Shares of Microchip Technology stock traded up $0.05 during midday trading on Thursday, reaching $66.22. The company had a trading volume of 13,657,072 shares, compared to its average volume of 8,462,964. The firm has a market cap of $35.74 billion, a PE ratio of -6,622.00, a P/E/G ratio of 1.91 and a beta of 1.55. The stock has a fifty day moving average price of $69.39 and a 200 day moving average price of $58.02. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $82.87.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.03. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. During the same period last year, the firm posted $0.53 EPS. The firm's revenue for the quarter was down 13.3% on a year-over-year basis. On average, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.7%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MCHP. The Goldman Sachs Group initiated coverage on shares of Microchip Technology in a research note on Thursday, July 10th. They issued a "buy" rating and a $88.00 price target for the company. Citigroup increased their price target on shares of Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a report on Monday, July 7th. Morgan Stanley raised their target price on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Evercore ISI upped their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Finally, B. Riley lifted their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a report on Friday, May 9th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Microchip Technology presently has an average rating of "Moderate Buy" and an average target price of $74.42.

Insiders Place Their Bets

In other Microchip Technology news, 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 transaction, the chief financial officer owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $29,980.86. Following the sale, the director owned 3,468 shares in the company, valued at approximately $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 1.94% of the company's stock.

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.