Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by United Bank

United Bank lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 63.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,747 shares of the semiconductor company's stock after selling 8,283 shares during the quarter. United Bank's holdings in Microchip Technology were worth $230,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Garde Capital Inc. acquired a new stake in Microchip Technology during the 1st quarter worth about $30,000. Millstone Evans Group LLC purchased a new position in Microchip Technology during the 4th quarter valued at about $34,000. Orion Capital Management LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $41,000. Byrne Asset Management LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at approximately $41,000. Finally, GW&K Investment Management LLC boosted its position in Microchip Technology by 161.0% during the first quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock worth $45,000 after purchasing an additional 578 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MCHP shares. Rosenblatt Securities upped their target price on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Wall Street Zen raised Microchip Technology from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a research report on Friday, May 9th. Citigroup upped their price target on Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Finally, Mizuho upped their price target on Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Six analysts have rated the stock with a hold rating, fourteen 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 an average rating of "Moderate Buy" and an average target price of $75.70.

Microchip Technology Price Performance

Shares of MCHP stock traded up $1.07 during trading hours on Tuesday, hitting $74.92. 2,008,944 shares of the company's stock were exchanged, compared to its average volume of 10,443,871. The stock's 50-day moving average is $66.82 and its 200-day moving average is $56.90. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The stock has a market cap of $40.43 billion, a price-to-earnings ratio of -7,496.30, a price-to-earnings-growth ratio of 2.23 and a beta of 1.52. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $91.77.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The business's revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. As a group, research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio is -18,200.00%.

Insider Activity

In other Microchip Technology news, 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 value of $112,396.70. Following the transaction, the chief financial officer owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the 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 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 disclosure for this sale can be found here. Corporate insiders own 1.94% of the company's stock.

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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