World Investment Advisors decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 51.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,348 shares of the semiconductor company's stock after selling 22,699 shares during the period. World Investment Advisors' holdings in Microchip Technology were worth $1,033,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the company. Federated Hermes Inc. increased its holdings in shares of Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after purchasing an additional 209 shares during the last quarter. Northwest Bank & Trust Co grew its position in Microchip Technology by 3.0% in the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock worth $424,000 after acquiring an additional 217 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in Microchip Technology by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock worth $2,238,000 after acquiring an additional 230 shares in the last quarter. Bartlett & CO. Wealth Management LLC grew its position in Microchip Technology by 3.4% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock worth $405,000 after acquiring an additional 276 shares in the last quarter. Finally, State of Wyoming grew its position in Microchip Technology by 27.3% in the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock worth $75,000 after acquiring an additional 279 shares in the last quarter. 91.51% of the stock is owned by institutional investors.
Microchip Technology Trading Down 0.7%
Shares of NASDAQ MCHP traded down $0.52 during trading hours on Friday, reaching $74.56. The stock had a trading volume of 4,885,908 shares, compared to its average volume of 8,934,322. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The firm has a market cap of $40.24 billion, a price-to-earnings ratio of -7,456.00, a P/E/G ratio of 2.22 and a beta of 1.52. The business's fifty day moving average price is $63.83 and its two-hundred day moving average price is $56.23. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $96.98.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. Microchip Technology's revenue for the quarter was down 26.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 earnings per share. Analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.
Microchip Technology Announces Dividend
The firm also recently disclosed 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 2.44%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.
Insider Buying and Selling
In related news, Director Karlton D. Johnson sold 494 shares of the company'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 transaction, the director directly owned 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the transaction, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.
Analysts Set New Price Targets
Several research analysts recently commented on MCHP shares. B. Riley lifted their price target on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Evercore ISI lifted their price target on Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Wall Street Zen upgraded Microchip Technology from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Raymond James Financial lifted their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Finally, The Goldman Sachs Group initiated coverage on Microchip Technology in a research report on Thursday. They issued a "buy" rating and a $88.00 price target for the company. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus target price of $75.10.
Read Our Latest Analysis on MCHP
About Microchip Technology
(
Free Report)
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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