Microchip Technology Incorporated (NASDAQ:MCHP) Position Cut by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. lowered its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 99.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,784 shares of the semiconductor company's stock after selling 7,809,216 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Microchip Technology were worth $2,855,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Federated Hermes Inc. grew its holdings in shares of Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after buying an additional 209 shares in the last quarter. Northwest Bank & Trust Co increased its holdings in Microchip Technology by 3.0% in the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after purchasing an additional 217 shares during the last quarter. Lebenthal Global Advisors LLC raised its holdings in shares of Microchip Technology by 7.3% in the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock valued at $223,000 after buying an additional 266 shares during the period. State of Wyoming increased its stake in Microchip Technology by 27.3% during the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock worth $75,000 after purchasing an additional 279 shares during the period. Finally, CreativeOne Wealth LLC lifted its holdings in Microchip Technology by 1.0% during the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after buying an additional 283 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Down 1.5%

Shares of MCHP stock traded down $0.89 during mid-day trading on Friday, hitting $57.22. 10,845,600 shares of the company's stock were exchanged, compared to its average volume of 8,637,056. The stock has a 50-day simple moving average of $48.55 and a two-hundred day simple moving average of $55.01. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $98.10. The stock has a market cap of $30.86 billion, a price-to-earnings ratio of 102.18 and a beta of 1.42. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its 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 business had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The company's revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 EPS. Equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be paid a $0.455 dividend. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.18%. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

Analysts Set New Price Targets

MCHP has been the subject of a number of analyst reports. Piper Sandler reissued an "overweight" rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. KeyCorp lowered their target price on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Friday, February 7th. Morgan Stanley lifted their target price on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. TD Cowen lifted their price objective on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Finally, Mizuho raised their price objective on shares of Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus price target of $67.68.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the 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 now directly owns 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $112,396.70. Following the sale, the chief financial officer now owns 34,313 shares in the company, 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 owned by corporate insiders.

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.