Logan Capital Management Inc. Sells 22,608 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Logan Capital Management Inc. reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 33.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,881 shares of the semiconductor company's stock after selling 22,608 shares during the quarter. Logan Capital Management Inc.'s holdings in Microchip Technology were worth $2,631,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. LRI Investments LLC boosted its position in shares of Microchip Technology by 32.4% in the fourth quarter. LRI Investments LLC now owns 3,753 shares of the semiconductor company's stock worth $215,000 after buying an additional 918 shares during the period. Gotham Asset Management LLC grew its stake in Microchip Technology by 3.8% during the 4th quarter. Gotham Asset Management LLC now owns 11,259 shares of the semiconductor company's stock valued at $646,000 after acquiring an additional 414 shares in the last quarter. Graham Capital Management L.P. acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $663,000. First Manhattan CO. LLC. boosted its stake in shares of Microchip Technology by 23.6% during the 4th quarter. First Manhattan CO. LLC. now owns 5,549 shares of the semiconductor company's stock valued at $318,000 after buying an additional 1,059 shares during the period. Finally, Fiduciary Trust Co boosted its position in Microchip Technology by 3.0% during the fourth quarter. Fiduciary Trust Co now owns 56,548 shares of the semiconductor company's stock valued at $3,243,000 after purchasing an additional 1,621 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Mizuho lifted their price target on Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Raymond James boosted their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Needham & Company LLC restated a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. KeyCorp decreased their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Friday, February 7th. Finally, Bank of America raised shares of 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. 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 issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $67.42.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Trading Up 0.7%

NASDAQ:MCHP traded up $0.41 during mid-day trading on Friday, hitting $61.21. The company had a trading volume of 6,583,210 shares, compared to its average volume of 8,521,249. The firm has a market cap of $32.97 billion, a P/E ratio of 109.30 and a beta of 1.42. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $100.57. The business's fifty day moving average is $47.33 and its two-hundred day moving average is $56.16. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

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

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.97%. The ex-dividend date 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.