Rogco LP Sells 4,414 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Rogco LP cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 30.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,235 shares of the semiconductor company's stock after selling 4,414 shares during the period. Rogco LP's holdings in Microchip Technology were worth $495,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MCHP. Rakuten Securities Inc. lifted its stake in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 359 shares during the last quarter. OFI Invest Asset Management purchased a new position in Microchip Technology in the fourth quarter valued at approximately $29,000. Garde Capital Inc. purchased a new position in Microchip Technology in the first quarter valued at approximately $30,000. Millstone Evans Group LLC purchased a new position in Microchip Technology in the fourth quarter valued at approximately $34,000. Finally, Orion Capital Management LLC purchased a new position in Microchip Technology in the fourth quarter valued at approximately $41,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Down 0.1%

Shares of MCHP stock traded down $0.06 during trading hours on Friday, hitting $75.02. 2,540,229 shares of the company's stock traded hands, compared to its average volume of 8,925,457. The stock's fifty day simple moving average is $63.83 and its two-hundred day simple moving average is $56.23. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98. The stock has a market cap of $40.49 billion, a price-to-earnings ratio of -7,503.20, a PEG ratio of 2.22 and a beta of 1.52. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period last year, the business earned $0.57 earnings per share. The business's revenue was down 26.8% on a year-over-year basis. On average, analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued 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 2.43%. Microchip Technology's payout ratio is currently -18,200.00%.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 494 shares of the business's 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 transaction, the director directly owned 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the business's 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 transaction, 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. 2.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MCHP shares. KeyCorp upped their price objective on Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price on the stock in a research report on Friday, May 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. Mizuho raised their price objective on Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, The Goldman Sachs Group began coverage on Microchip Technology in a research note on Thursday. They set a "buy" rating and a $88.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $75.10.

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.