Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 73.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,241,180 shares of the semiconductor company's stock after selling 3,389,846 shares during the quarter. Wellington Management Group LLP owned about 0.23% of Microchip Technology worth $71,182,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in MCHP. Mainstream Capital Management LLC bought a new stake in Microchip Technology during the 4th quarter worth approximately $26,000. Rakuten Securities Inc. lifted its stake in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new position in Microchip Technology in the 4th quarter worth $29,000. Financial Life Planners purchased a new stake in Microchip Technology in the 4th quarter worth $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in Microchip Technology during the fourth quarter valued at about $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,015 shares of the firm's 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 sale, the chief financial officer now directly owns 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred on 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 owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Citigroup increased their target price on Microchip Technology from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Piper Sandler reissued an "overweight" rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. B. Riley raised their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Evercore ISI boosted their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Finally, Needham & Company LLC reissued a "buy" rating and set a $66.00 price objective on shares of Microchip Technology in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five 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 presently has a consensus rating of "Moderate Buy" and an average price target of $67.68.

Microchip Technology Trading Up 1.8%

NASDAQ:MCHP traded up $1.03 during midday trading on Monday, hitting $59.07. The stock had a trading volume of 3,115,244 shares, compared to its average volume of 8,620,289. The stock has a 50-day moving average of $48.55 and a 200 day moving average of $54.86. The company has a market capitalization of $31.86 billion, a price-to-earnings ratio of 105.45 and a beta of 1.42. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $98.10. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same period in the previous year, the company posted $0.57 earnings per share. The firm's quarterly revenue was down 26.8% on a year-over-year basis. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

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.