World Investment Advisors trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 51.5% during the 1st quarter, according to 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 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also made changes to their positions in the business. Federated Hermes Inc. lifted its position 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 valued at $2,254,000 after acquiring an additional 209 shares in the last quarter. Northwest Bank & Trust Co lifted its position in shares of Microchip Technology by 3.0% in the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after acquiring an additional 217 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of 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 buying an additional 230 shares in the last quarter. Bartlett & CO. Wealth Management LLC lifted its position in shares of 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 buying an additional 276 shares in the last quarter. Finally, State of Wyoming lifted its position in shares of 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 buying an additional 279 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.
Microchip Technology Trading Up 4.3%
MCHP opened at $74.56 on Wednesday. The stock has a market cap of $40.22 billion, a price-to-earnings ratio of -7,456.00, a P/E/G ratio of 2.13 and a beta of 1.52. The stock's 50 day moving average price is $62.67 and its 200-day moving average price is $55.99. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating 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 quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. On average, equities analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.
Microchip Technology Dividend Announcement
The company 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. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.44%. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.
Analyst Upgrades and Downgrades
A number of research firms recently commented on MCHP. Rosenblatt Securities boosted their target price on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Evercore ISI boosted their target price on Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Truist Financial boosted their target price on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research report on Wednesday, June 18th. KeyCorp boosted their target price on Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price on the stock in a research report on Friday, May 9th. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $73.85.
Get Our Latest Stock Analysis on MCHP
Insider Activity at Microchip Technology
In related news, Director Karlton D. Johnson sold 494 shares of the 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 owned 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.
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.
Featured Articles
Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHP - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Microchip Technology, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Microchip Technology wasn't on the list.
While Microchip Technology currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
