Sumitomo Mitsui Trust Group Inc. Sells 831,126 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 38.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,313,685 shares of the semiconductor company's stock after selling 831,126 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Microchip Technology worth $63,595,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of MCHP. Proficio Capital Partners LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth about $3,818,000. Versor Investments LP acquired a new position in shares of Microchip Technology during the 4th quarter worth about $368,000. Fisher Asset Management LLC grew its position in shares of Microchip Technology by 24.5% during the 4th quarter. Fisher Asset Management LLC now owns 3,495 shares of the semiconductor company's stock worth $200,000 after buying an additional 687 shares during the period. Metis Global Partners LLC grew its position in shares of Microchip Technology by 4.8% during the 4th quarter. Metis Global Partners LLC now owns 17,992 shares of the semiconductor company's stock worth $1,032,000 after buying an additional 831 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in shares of Microchip Technology by 14.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,380 shares of the semiconductor company's stock valued at $250,000 after purchasing an additional 544 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction 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 sale, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director owned 3,468 shares in the company, valued at approximately $210,472.92. This trade represents 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 corporate insiders.

Microchip Technology Trading Down 0.2%

Shares of Microchip Technology stock opened at $70.37 on Tuesday. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98. The stock has a market cap of $37.96 billion, a P/E ratio of -7,037.00, a P/E/G ratio of 2.10 and a beta of 1.48. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The business's 50 day moving average is $59.35 and its 200-day moving average is $55.33.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. During the same quarter in the prior year, the business posted $0.57 EPS. The business's revenue was down 26.8% compared to the same quarter last year. Equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm 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 2.59%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MCHP. Cantor Fitzgerald began coverage on Microchip Technology in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price objective on shares of Microchip Technology in a research report on Friday, May 9th. TD Cowen boosted their price objective on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, May 9th. UBS Group boosted their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Finally, Truist Financial boosted their price objective on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $70.15.

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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