Pinnacle Financial Partners Inc Lowers Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Pinnacle Financial Partners Inc lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 14.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 24,763 shares of the semiconductor company's stock after selling 4,130 shares during the period. Pinnacle Financial Partners Inc's holdings in Microchip Technology were worth $1,206,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Arbor Trust Wealth Advisors LLC grew its position in shares of Microchip Technology by 4.5% during the 1st quarter. Arbor Trust Wealth Advisors LLC now owns 6,800 shares of the semiconductor company's stock worth $329,000 after buying an additional 294 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Microchip Technology by 1.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 67,870 shares of the semiconductor company's stock valued at $3,286,000 after buying an additional 1,190 shares during the last quarter. Rovin Capital UT ADV lifted its position in shares of Microchip Technology by 27.2% during the first quarter. Rovin Capital UT ADV now owns 9,104 shares of the semiconductor company's stock valued at $441,000 after purchasing an additional 1,944 shares in the last quarter. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Microchip Technology during the 1st quarter worth approximately $48,000. Finally, Canandaigua National Bank & Trust Co. boosted its position in Microchip Technology by 6.0% in the first quarter. Canandaigua National Bank & Trust Co. now owns 9,916 shares of the semiconductor company's stock worth $480,000 after purchasing an additional 559 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Down 1.1%

Shares of NASDAQ MCHP traded down $0.84 during mid-day trading on Friday, hitting $72.32. 3,810,846 shares of the stock traded hands, compared to its average volume of 8,886,424. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. The company has a market cap of $39.01 billion, a price-to-earnings ratio of -7,232.00, a PEG ratio of 2.18 and a beta of 1.52. The stock has a fifty day moving average price of $61.10 and a 200-day moving average price of $55.65. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) 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 firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period last year, the business earned $0.57 earnings per share. The business's revenue was down 26.8% on a year-over-year basis. Research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MCHP. Mizuho increased their price objective on Microchip Technology from $68.00 to $78.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price on the stock in a research note on Friday, May 9th. Truist Financial lifted their price target on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research note on Wednesday, June 18th. Stifel Nicolaus boosted their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Rosenblatt Securities increased their target price on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Seven analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $70.15.

Insider Activity

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm'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 transaction of $112,396.70. Following the completion of the transaction, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $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 currently owned by company insiders.

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.