QRG Capital Management Inc. Sells 22,911 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

QRG Capital Management Inc. reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 19.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 93,877 shares of the semiconductor company's stock after selling 22,911 shares during the quarter. QRG Capital Management Inc.'s holdings in Microchip Technology were worth $4,545,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of MCHP. Vanguard Group Inc. lifted its position in shares of Microchip Technology by 0.8% during 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 acquiring an additional 569,699 shares during the period. Invesco Ltd. lifted its position in shares of Microchip Technology by 9.5% during the fourth 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 in the last quarter. Norges Bank bought a new position in shares of Microchip Technology during the fourth quarter valued at about $452,627,000. FIL Ltd increased its holdings in Microchip Technology by 9.0% during the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock worth $451,774,000 after buying an additional 653,705 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Microchip Technology by 4.7% during the fourth quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company's stock worth $399,070,000 after buying an additional 311,796 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,015 shares of the company's 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 $1,913,979.14. This represents a 5.55% decrease in their position. The transaction 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 company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director now directly owns 3,468 shares of the company's stock, valued at $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.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Raymond James Financial lifted their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research note on Friday, May 9th. Needham & Company LLC restated a "buy" rating and issued a $66.00 price objective on shares of Microchip Technology in a research report on Friday, May 9th. Cantor Fitzgerald started coverage on shares of Microchip Technology in a research report on Wednesday. They set a "neutral" rating and a $70.00 target price for the company. Citigroup lifted their target price on shares of Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, Mizuho boosted their price objective on shares of Microchip Technology from $68.00 to $78.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $70.15.

Microchip Technology Stock Up 0.5%

Shares of Microchip Technology stock opened at $68.02 on Thursday. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98. The company has a market cap of $36.69 billion, a P/E ratio of -6,802.00, a PEG ratio of 2.02 and a beta of 1.48. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The company's fifty day simple moving average is $54.35 and its two-hundred day simple moving average is $54.99.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $962.86 million. During the same quarter in the previous year, the business posted $0.57 EPS. The company's quarterly 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors 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 2.68%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.

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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