Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by GSA Capital Partners LLP

Key Points

• GSA Capital Partners LLP reduced its stake in Microchip Technology by 25.5% during the first quarter, holding 12,391 shares valued at approximately $600,000.
• Microchip Technology announced a quarterly dividend of $0.455 per share, resulting in an annualized yield of 2.7%.
• Several analysts have raised their price targets for Microchip Technology, with an average target price of $74.42 representing a consensus rating of "Moderate Buy."

GSA Capital Partners LLP cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 25.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,391 shares of the semiconductor company's stock after selling 4,232 shares during the period. GSA Capital Partners LLP's holdings in Microchip Technology were worth $600,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MCHP. First Citizens Bank & Trust Co. boosted its holdings in shares of Microchip Technology by 468.2% in 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 in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Microchip Technology by 9.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,511,663 shares of the semiconductor company's stock valued at $201,394,000 after acquiring an additional 309,193 shares in the last quarter. Bristol Gate Capital Partners Inc. boosted its holdings in shares of Microchip Technology by 23.4% in the fourth quarter. Bristol Gate Capital Partners Inc. now owns 1,184,159 shares of the semiconductor company's stock valued at $67,912,000 after acquiring an additional 224,841 shares in the last quarter. Everhart Financial Group Inc. purchased a new stake in shares of Microchip Technology in the first quarter valued at about $221,000. Finally, Texas Bank & Trust Co purchased a new stake in shares of Microchip Technology in the fourth quarter valued at about $792,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction that occurred 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 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 represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director directly owned 3,468 shares of the company's stock, valued at $210,472.92. This trade represents 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.

Analyst Ratings Changes

MCHP has been the topic of several analyst reports. Rosenblatt Securities lifted their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Susquehanna boosted their price objective on shares of Microchip Technology from $60.00 to $90.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. Needham & Company LLC boosted their price objective on shares of Microchip Technology from $66.00 to $77.00 and gave the stock a "buy" rating in a report on Friday. 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 report on Friday, May 9th. Finally, TD Cowen decreased their price objective on shares of Microchip Technology from $75.00 to $60.00 and set a "hold" rating on the stock in a report on Friday. Six investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $76.58.

Microchip Technology Trading Down 6.3%

Shares of MCHP traded down $4.15 on Friday, hitting $62.08. 14,885,835 shares of the stock traded hands, compared to its average volume of 10,518,694. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $33.50 billion, a P/E ratio of -6,219.90, a P/E/G ratio of 1.91 and a beta of 1.55. The stock's 50 day moving average is $69.39 and its two-hundred day moving average is $58.02. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $82.87.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $0.27 EPS for the quarter, topping the consensus estimate 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%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same quarter in the prior year, the business posted $0.53 earnings per share. Microchip Technology's revenue for the quarter was down 13.3% compared to the same quarter last year. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.9%. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Microchip Technology 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.