Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Mizuho Securities USA LLC

Key Points

• Mizuho Securities USA LLC has reduced its stake in Microchip Technology by 15.4%, owning 43,063 shares valued at approximately $2.08 million after selling 7,833 shares in the 1st quarter.
• Microchip Technology reported a quarterly earnings per share (EPS) of $0.27, exceeding analysts' expectations of $0.24 and generating a revenue of $1.08 billion which is a 13.3% decrease year-over-year.
• The company declared a $0.455 quarterly dividend with an annualized yield of 3.0%, set to be paid on September 5th to shareholders of record as of August 22nd.

Mizuho Securities USA LLC reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 15.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,063 shares of the semiconductor company's stock after selling 7,833 shares during the period. Mizuho Securities USA LLC's holdings in Microchip Technology were worth $2,085,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MCHP. Federated Hermes Inc. raised its stake in shares of Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after acquiring an additional 209 shares in the last quarter. Covestor Ltd raised its stake in shares of Microchip Technology by 346.3% in the fourth quarter. Covestor Ltd now owns 1,455 shares of the semiconductor company's stock valued at $83,000 after acquiring an additional 1,129 shares in the last quarter. Sagespring Wealth Partners LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at $235,000. Mariner LLC raised its stake in shares of Microchip Technology by 48.8% in the fourth quarter. Mariner LLC now owns 864,454 shares of the semiconductor company's stock valued at $49,570,000 after acquiring an additional 283,632 shares in the last quarter. Finally, CreativeOne Wealth LLC raised its stake in shares of Microchip Technology by 1.0% in the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock valued at $1,654,000 after acquiring an additional 283 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $60.95 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 2.31 and a debt-to-equity ratio of 0.80. The company has a market cap of $32.89 billion, a P/E ratio of -179.26, a PEG ratio of 1.79 and a beta of 1.55. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $82.87. The company has a 50-day moving average price of $69.67 and a 200 day moving average price of $58.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.03. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same period last year, the firm earned $0.53 EPS. The company's revenue for the quarter was down 13.3% on a year-over-year basis. Research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, August 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -535.29%.

Insider Buying and Selling

In other news, Director Karlton D. Johnson sold 494 shares of Microchip Technology 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 completion of the sale, the director directly owned 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology 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 sale, the chief financial officer owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MCHP. The Goldman Sachs Group initiated coverage on Microchip Technology in a research note on Thursday, July 10th. They issued a "buy" rating and a $88.00 price objective on the stock. KeyCorp increased their target price on Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. TD Cowen dropped their price objective on Microchip Technology from $75.00 to $60.00 and set a "hold" rating on the stock in a report on Friday. Morgan Stanley raised their price objective on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Finally, UBS Group raised their price objective on Microchip Technology from $65.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.58.

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.

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