Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Lowered by Princeton Capital Management LLC

Princeton Capital Management LLC trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 30.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,688 shares of the semiconductor company's stock after selling 5,039 shares during the period. Princeton Capital Management LLC's holdings in Microchip Technology were worth $566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Garde Capital Inc. acquired a new position in shares of Microchip Technology in the 1st quarter valued at $30,000. Orion Capital Management LLC acquired a new stake in shares of Microchip Technology during the 4th quarter valued at about $41,000. Aster Capital Management DIFC Ltd grew its position 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 during the period. Byrne Asset Management LLC acquired a new stake in shares of Microchip Technology during the 1st quarter valued at about $41,000. Finally, GW&K Investment Management LLC grew its position in shares of Microchip Technology by 161.0% during the 1st quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock valued at $45,000 after acquiring an additional 578 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction on Friday, May 23rd. The shares were 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 in the company, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares in the company, 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 owned by company insiders.

Microchip Technology Stock Performance

NASDAQ MCHP traded up $1.38 during trading hours on Monday, hitting $70.59. The company had a trading volume of 2,880,355 shares, compared to its average volume of 10,509,690. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $89.59. The company has a market cap of $38.10 billion, a PE ratio of -7,038.90, a price-to-earnings-growth ratio of 1.96 and a beta of 1.52. The business has a 50 day moving average of $67.83 and a 200-day moving average of $57.39.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $962.86 million. During the same period in the prior year, the company posted $0.57 earnings per share. The firm's revenue for the quarter was down 26.8% on a year-over-year basis. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.58%. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of analyst reports. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price on the stock in a research report on Friday, May 9th. Cantor Fitzgerald assumed coverage on Microchip Technology in a research report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 target price on the stock. Citigroup raised their price target on shares of Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Truist Financial raised their price target on shares of Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research note on Wednesday, June 18th. Finally, Wall Street Zen raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Six equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $75.70.

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.