Simmons Bank Sells 6,464 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Simmons Bank trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 10.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,206 shares of the semiconductor company's stock after selling 6,464 shares during the quarter. Simmons Bank's holdings in Microchip Technology were worth $2,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. one8zero8 LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $384,000. Vanguard Group Inc. lifted its stake in shares of Microchip Technology by 0.8% in 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 purchasing an additional 569,699 shares during the period. Franklin Resources Inc. lifted its stake in shares of Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after purchasing an additional 3,013,162 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Microchip Technology by 15.7% in the 4th quarter. Jones Financial Companies Lllp now owns 16,418 shares of the semiconductor company's stock valued at $942,000 after purchasing an additional 2,226 shares during the period. Finally, Potomac Fund Management Inc. ADV acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $738,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

NASDAQ MCHP traded up $3.08 during trading hours on Tuesday, reaching $74.56. 11,350,045 shares of the company were exchanged, compared to its average volume of 8,916,357. The stock has a market capitalization of $40.22 billion, a P/E ratio of -7,456.00, a P/E/G ratio of 2.17 and a beta of 1.52. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $96.98. The business's 50 day simple moving average is $62.10 and its 200-day simple moving average is $55.86.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The business had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Citigroup boosted their target price on Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a research report on Monday. Rosenblatt Securities increased their target price on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Cantor Fitzgerald assumed coverage on Microchip Technology in a report on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 target price on the stock. Stifel Nicolaus increased their target price on Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. Seven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.85.

Insider Buying and Selling at Microchip Technology

In other news, 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 value of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares of the company's stock, valued at $210,472.92. This trade 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 is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction dated 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 directly owned 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 disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate 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.