Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Park Avenue Securities LLC

Park Avenue Securities LLC lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 79.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 12,686 shares of the semiconductor company's stock after selling 49,732 shares during the period. Park Avenue Securities LLC's holdings in Microchip Technology were worth $614,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology during the fourth quarter worth about $26,000. Rakuten Securities Inc. grew its position in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Microchip Technology during the fourth quarter worth about $29,000. Kohmann Bosshard Financial Services LLC bought a new position in shares of Microchip Technology during the fourth quarter worth about $34,000. Finally, Millstone Evans Group LLC bought a new position in shares of Microchip Technology during the fourth quarter worth about $34,000. Institutional investors own 91.51% of the company's stock.

Insider Transactions 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 shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction 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 trade 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 owned by insiders.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several recent research reports. Evercore ISI upped their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday. Morgan Stanley increased their target price on shares of Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. B. Riley increased their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Stifel Nicolaus increased their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Citigroup increased their target price on shares of Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a research report on Monday, June 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.53.

Microchip Technology Price Performance

MCHP stock opened at $65.73 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The firm has a market capitalization of $35.45 billion, a PE ratio of 117.38 and a beta of 1.48. The firm has a 50-day moving average of $52.78 and a two-hundred day moving average of $54.99.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period in the prior year, the firm earned $0.57 earnings per share. The business's quarterly revenue was down 26.8% on a year-over-year basis. On average, 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. Shareholders of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio is presently -18,200.00%.

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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