Procyon Advisors LLC Has $380,000 Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Procyon Advisors LLC trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 40.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,840 shares of the semiconductor company's stock after selling 5,333 shares during the period. Procyon Advisors LLC's holdings in Microchip Technology were worth $380,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Microchip Technology in the fourth quarter worth about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after acquiring an additional 3,912,895 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after acquiring an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after acquiring an additional 3,013,162 shares in the last quarter. Finally, Meritage Group LP acquired a new position in Microchip Technology in the fourth quarter worth $145,033,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MCHP. TD Cowen raised their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Morgan Stanley boosted their price objective on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Mizuho raised their target price on Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. UBS Group boosted their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 30th. Finally, Citigroup increased their price objective on shares of Microchip Technology from $55.00 to $68.00 and gave the stock a "buy" rating in a report on Monday. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average price target of $68.37.

Microchip Technology Stock Up 2.3%

Shares of Microchip Technology stock traded up $1.54 during trading on Tuesday, hitting $69.59. 12,063,104 shares of the stock traded hands, compared to its average volume of 8,720,239. The stock has a market cap of $37.54 billion, a P/E ratio of 124.27 and a beta of 1.48. The company has a fifty day moving average price of $50.33 and a two-hundred day moving average price of $54.82. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $96.98. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued 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 for 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%. The firm's revenue was down 26.8% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. Equities research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal 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 dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio is -18,200.00%.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology 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 transaction, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction on 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 sale, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. The trade was 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 company insiders.

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.