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

Sequoia Financial Advisors LLC cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 29.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,897 shares of the semiconductor company's stock after selling 8,053 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Microchip Technology were worth $915,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Federated Hermes Inc. boosted its position in 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 acquiring an additional 209 shares during the last quarter. Northwest Bank & Trust Co boosted its holdings in shares of Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock worth $424,000 after purchasing an additional 217 shares during the last quarter. State of Wyoming grew its position in shares of Microchip Technology by 27.3% in the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock valued at $75,000 after purchasing an additional 279 shares during the period. CreativeOne Wealth LLC increased its stake in 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 purchasing an additional 283 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. increased its stake in Microchip Technology by 4.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company's stock valued at $393,000 after purchasing an additional 305 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Insider Buying and Selling at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction dated 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 owned 3,468 shares of the company's stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer directly owned 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 company insiders.

Wall Street Analyst Weigh In

MCHP has been the subject of several recent analyst reports. Rosenblatt Securities lifted their price target on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Wall Street Zen upgraded shares of Microchip Technology from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 9th. Raymond James Financial boosted their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research note on Friday, May 9th. Finally, Morgan Stanley upped 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. Seven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $70.15.

Microchip Technology Stock Down 1.6%

NASDAQ:MCHP traded down $1.14 during trading hours on Thursday, hitting $72.02. The stock had a trading volume of 3,810,652 shares, compared to its average volume of 8,860,733. The company has a market cap of $38.85 billion, a PE ratio of -7,202.10, a price-to-earnings-growth ratio of 2.13 and a beta of 1.52. The business has a 50 day simple moving average of $60.60 and a two-hundred day simple moving average of $55.56. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share 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 business had revenue of $970.50 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. Analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business 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. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.53%. 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.