Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Brown Advisory Inc.

Brown Advisory Inc. cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 4.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 73,533 shares of the semiconductor company's stock after selling 3,549 shares during the period. Brown Advisory Inc.'s holdings in Microchip Technology were worth $3,560,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Garde Capital Inc. acquired a new position in shares of Microchip Technology during the 1st quarter valued at $30,000. Millstone Evans Group LLC acquired a new position in shares of Microchip Technology during the 4th quarter valued at $34,000. Orion Capital Management LLC acquired a new position in shares of Microchip Technology during the 4th quarter valued at $41,000. Byrne Asset Management LLC acquired a new position in shares of Microchip Technology during the 1st quarter valued at $41,000. Finally, Aster Capital Management DIFC Ltd lifted its holdings in shares of Microchip Technology by 399.4% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 647 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the transaction, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director owned 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded down $0.52 during trading on Friday, reaching $74.56. 4,885,920 shares of the company's stock traded hands, compared to its average volume of 8,960,359. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98. The company has a 50 day moving average of $64.36 and a 200-day moving average of $56.33. The stock has a market capitalization of $40.24 billion, a P/E ratio of -7,456.00, a price-to-earnings-growth ratio of 2.22 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates 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 quarter in the prior year, the firm earned $0.57 EPS. The company's revenue for the quarter was down 26.8% compared to the same quarter last year. On average, equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.44%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MCHP shares. Truist Financial boosted their price objective on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. B. Riley boosted their price objective on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, May 9th. The Goldman Sachs Group started coverage on shares of Microchip Technology in a report on Thursday. They issued a "buy" rating and a $88.00 price objective on the stock. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective on the stock in a report on Friday, May 9th. Finally, Evercore ISI boosted their price objective on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average price target of $75.10.

Microchip Technology 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.