Patrick Mauro Investment Advisor INC. Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Patrick Mauro Investment Advisor INC. lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 54.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 30,735 shares of the semiconductor company's stock after selling 36,468 shares during the period. Patrick Mauro Investment Advisor INC.'s holdings in Microchip Technology were worth $1,488,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Garde Capital Inc. purchased a new position in shares of Microchip Technology during the 1st quarter worth $30,000. Millstone Evans Group LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth $34,000. Orion Capital Management LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth $41,000. Byrne Asset Management LLC purchased a new position in shares of Microchip Technology during the 1st quarter worth $41,000. Finally, Aster Capital Management DIFC Ltd raised 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 worth $46,000 after acquiring an additional 647 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $74.05 on Tuesday. The company has a market cap of $39.96 billion, a P/E ratio of -7,405.00, a P/E/G ratio of 2.22 and a beta of 1.52. 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 50-day moving average of $64.89 and a two-hundred day moving average of $56.42. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. 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 previous year, the company posted $0.57 earnings per share. The business's revenue for the quarter was down 26.8% on a year-over-year basis. As a group, analysts anticipate 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. Shareholders of record on Thursday, May 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Insider Buying and Selling

In other Microchip Technology news, 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 value of $112,396.70. Following the completion of the sale, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, the director owned 3,468 shares of the company's stock, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a report on Friday, May 9th. Stifel Nicolaus lifted their price target on Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. TD Cowen lifted their price target on Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a report on Friday, May 9th. Citigroup boosted their price objective on shares of Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a report on Monday, July 7th. Finally, Rosenblatt Securities boosted their price objective on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Six investment 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 stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.

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