Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. trimmed its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 31.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,398 shares of the semiconductor company's stock after selling 13,648 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in Microchip Technology were worth $1,423,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Mainstream Capital Management LLC acquired a new position in Microchip Technology during the 4th quarter valued at about $26,000. Rakuten Securities Inc. increased its position in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management acquired a new position in Microchip Technology during the 4th quarter valued at about $29,000. Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology during the 4th quarter valued at about $34,000. Finally, Millstone Evans Group LLC acquired a new position in Microchip Technology during the 4th quarter valued at about $34,000. 91.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the 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 completion of the transaction, the director now owns 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

Microchip Technology Stock Performance

Shares of MCHP traded up $0.88 during mid-day trading on Friday, reaching $65.25. The company had a trading volume of 8,884,511 shares, compared to its average volume of 8,678,765. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $96.98. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $35.20 billion, a P/E ratio of 116.52 and a beta of 1.48. The stock has a 50 day moving average of $49.94 and a two-hundred day moving average of $54.89.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 earnings per share. On average, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.79%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Analysts Set New Price Targets

Several research analysts recently issued reports on MCHP shares. UBS Group upped their target price on Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, May 30th. B. Riley upped their target price on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Mizuho boosted their price target on Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Raymond James boosted their price target on Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research note on Friday, May 9th. Finally, Evercore ISI boosted their price target on Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $67.68.

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.