Rathbones Group PLC Decreases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Rathbones Group PLC reduced its stake in Microchip Technology by 14.5%, selling 7,297 shares during the first quarter, with their remaining shares valued at approximately $2,075,000.
• A significant majority, 91.51%, of Microchip Technology's stock is owned by institutional investors and hedge funds, with several firms adjusting their positions throughout the year.
• Microchip Technology recently reported a beat on earnings per share, with $0.27 reported compared to the expected $0.24, but had a 13.3% decline in revenue year-over-year.

Rathbones Group PLC lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 14.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,859 shares of the semiconductor company's stock after selling 7,297 shares during the period. Rathbones Group PLC's holdings in Microchip Technology were worth $2,075,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Garde Capital Inc. purchased a new stake in shares of Microchip Technology during the first quarter worth about $30,000. Orion Capital Management LLC acquired a new stake in Microchip Technology during the 4th quarter valued at approximately $41,000. Byrne Asset Management LLC purchased a new stake in Microchip Technology during the 1st quarter worth approximately $41,000. GW&K Investment Management LLC raised its position in shares of Microchip Technology by 161.0% in the 1st quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock valued at $45,000 after purchasing an additional 578 shares in the last quarter. Finally, American National Bank & Trust acquired a new position in shares of Microchip Technology in the 1st quarter valued at approximately $48,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the firm'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 transaction, the director owned 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MCHP shares. KeyCorp lifted their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Morgan Stanley raised their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Rosenblatt Securities upped their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. 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. Finally, Needham & Company LLC boosted their price objective on Microchip Technology from $66.00 to $77.00 and gave the company a "buy" rating in a report on Friday, August 8th. Six research 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $76.58.

Microchip Technology Trading Up 1.9%

Microchip Technology stock opened at $65.75 on Thursday. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $82.87. The company has a quick ratio of 1.33, a current ratio of 2.31 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $35.48 billion, a price-to-earnings ratio of -193.38, a PEG ratio of 1.90 and a beta of 1.55. The firm has a 50-day moving average price of $69.70 and a two-hundred day moving average price of $58.22.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.03. The company had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.05 billion. Microchip Technology had a positive return on equity of 6.24% and a negative net margin of 3.50%. The business's revenue for the quarter was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 earnings per share. Sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be paid a $0.455 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.8%. Microchip Technology's dividend payout ratio is presently -535.29%.

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.

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