Assenagon Asset Management S.A. Sells 2,457,080 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Assenagon Asset Management S.A. cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 86.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 400,574 shares of the semiconductor company's stock after selling 2,457,080 shares during the period. Assenagon Asset Management S.A. owned approximately 0.07% of Microchip Technology worth $19,392,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after purchasing an additional 569,699 shares during the period. Invesco Ltd. raised its stake in shares of Microchip Technology by 9.5% in the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock valued at $587,718,000 after purchasing an additional 890,819 shares during the period. Norges Bank acquired a new stake in shares of Microchip Technology in the 4th quarter valued at about $452,627,000. FIL Ltd raised its stake in shares of Microchip Technology by 9.0% in the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after purchasing an additional 653,705 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Microchip Technology by 4.7% in the 4th quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company's stock valued at $399,070,000 after purchasing an additional 311,796 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of recent research reports. Citigroup lifted their target price on Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Stifel Nicolaus lifted their target price on Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. B. Riley boosted their price target on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Raymond James boosted their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Finally, Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $69.53.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, 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 sale, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction dated Friday, May 23rd. The shares were 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 owns 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Microchip Technology Trading Down 3.2%

NASDAQ MCHP traded down $2.20 on Friday, reaching $65.73. The company had a trading volume of 9,841,187 shares, compared to its average volume of 8,788,447. The firm has a market cap of $35.45 billion, a price-to-earnings ratio of 117.38 and a beta of 1.48. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $96.98. The business has a 50 day moving average of $52.78 and a two-hundred day moving average of $54.99. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted 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. The business had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Microchip Technology's quarterly revenue was down 26.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 earnings per share. Analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. 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 2.77%. Microchip Technology's dividend payout ratio (DPR) is currently -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.