Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Legacy Advisors LLC

Legacy Advisors LLC lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 19.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,585 shares of the semiconductor company's stock after selling 3,707 shares during the period. Legacy Advisors LLC's holdings in Microchip Technology were worth $754,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth $26,000. Rakuten Securities Inc. grew its stake 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 in the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology during the 4th quarter worth about $29,000. Garde Capital Inc. acquired a new stake in Microchip Technology in the 1st quarter valued at about $30,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Microchip Technology in the 4th quarter valued at about $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Microchip Technology

In other 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 directly owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm'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 completion of the sale, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Microchip Technology in a research note on Wednesday, June 18th. They set a "neutral" rating and a $70.00 target price on the stock. Stifel Nicolaus boosted their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Needham & Company LLC restated a "buy" rating and issued a $66.00 price objective on shares of Microchip Technology in a report on Friday, May 9th. Morgan Stanley lifted their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Finally, Wall Street Zen lowered Microchip Technology from a "hold" rating to a "sell" rating in a report on Saturday, June 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $70.15.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $70.43 on Wednesday. The firm's fifty day simple moving average is $56.77 and its 200-day simple moving average is $55.10. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98. The stock has a market capitalization of $37.99 billion, a price-to-earnings ratio of -7,043.00, a PEG ratio of 2.04 and a beta of 1.48. 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 (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same period last year, the firm posted $0.57 EPS. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a $0.455 dividend. 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 2.58%. Microchip Technology's dividend payout ratio (DPR) is -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.

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