James Eric Bjornholt Sells 2,015 Shares of Microchip Technology Incorporated (NASDAQ:MCHP) Stock

Microchip Technology Incorporated (NASDAQ:MCHP - Get Free Report) CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer now owns 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Microchip Technology Trading Down 1.5%

Microchip Technology stock traded down $0.89 during midday trading on Friday, reaching $57.22. 10,845,600 shares of the stock traded hands, compared to its average volume of 8,630,954. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a market cap of $30.86 billion, a PE ratio of 102.18 and a beta of 1.42. The company has a 50-day simple moving average of $48.46 and a two-hundred day simple moving average of $55.08. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $98.10.

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

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Thursday, May 22nd. Microchip Technology's payout ratio is currently -18,200.00%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wall Street Zen cut Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. TD Cowen raised their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Raymond James boosted their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a report on Friday, May 9th. B. Riley increased their price target 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. Finally, Morgan Stanley raised their price target on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Microchip Technology presently has an average rating of "Moderate Buy" and a consensus price target of $67.68.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MCHP. Strs Ohio purchased a new position in Microchip Technology in the first quarter worth approximately $4,115,000. Ellsworth Advisors LLC grew its position in Microchip Technology by 5.6% during the 1st quarter. Ellsworth Advisors LLC now owns 32,615 shares of the semiconductor company's stock worth $1,579,000 after purchasing an additional 1,737 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Microchip Technology by 101.8% during the first quarter. Geneos Wealth Management Inc. now owns 1,221 shares of the semiconductor company's stock worth $59,000 after buying an additional 616 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Microchip Technology by 9.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,348,465 shares of the semiconductor company's stock valued at $162,099,000 after purchasing an additional 302,460 shares during the period. Finally, Logan Capital Management Inc. raised its position in Microchip Technology by 44.1% during the 1st quarter. Logan Capital Management Inc. now owns 66,109 shares of the semiconductor company's stock worth $3,200,000 after buying an additional 20,228 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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.