US Bancorp DE Sells 21,722 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• US Bancorp DE reduced its stake in Microchip Technology Incorporated by 4.7%, owning 441,937 shares worth approximately $21.4 million after selling 21,722 shares in the first quarter.
• Microchip Technology reported a quarterly earnings per share (EPS) of $0.11, exceeding analyst expectations of $0.10, alongside a revenue of $970.5 million.
• Several firms have issued new ratings on Microchip Technology, with Goldman Sachs initiating coverage with a "buy" rating and a price target of $88.

US Bancorp DE cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 4.7% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 441,937 shares of the semiconductor company's stock after selling 21,722 shares during the period. US Bancorp DE owned approximately 0.08% of Microchip Technology worth $21,394,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MCHP. Garde Capital Inc. acquired a new stake in Microchip Technology during the 1st quarter valued at $30,000. Orion Capital Management LLC acquired a new stake in shares of Microchip Technology during the fourth quarter valued at about $41,000. Byrne Asset Management LLC purchased a new stake in shares of Microchip Technology during the first quarter worth about $41,000. GW&K Investment Management LLC lifted its stake in shares of Microchip Technology by 161.0% in the first quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock worth $45,000 after acquiring an additional 578 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd boosted its holdings in Microchip Technology by 399.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock valued at $46,000 after purchasing an additional 647 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was 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 owned 34,313 shares in the company, valued at $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on MCHP. Mizuho increased their price target on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Needham & Company LLC restated a "buy" rating and set a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. B. Riley increased their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $70.00 to $82.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Finally, Raymond James Financial lifted their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Microchip Technology currently has an average rating of "Moderate Buy" and an average target price of $74.42.

Microchip Technology Trading Up 0.1%

Shares of MCHP stock traded up $0.05 during mid-day trading on Thursday, hitting $66.22. The company's stock had a trading volume of 12,831,489 shares, compared to its average volume of 10,468,041. The company has a market cap of $35.74 billion, a PE ratio of -6,622.00, a P/E/G ratio of 1.94 and a beta of 1.55. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. The company's fifty day simple moving average is $69.39 and its 200-day simple moving average is $58.02. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $82.87.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company's revenue for the quarter was down 26.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 EPS. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

About Microchip Technology

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.