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Insider Selling: Microchip Technology Inc. (NASDAQ:MCHP) CFO Sells 2,000 Shares of Stock

Last updated on Monday, June 8, 2020 | 2020 MarketBeat

Microchip Technology Inc. (NASDAQ:MCHP) CFO James Eric Bjornholt sold 2,000 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $112.92, for a total value of $225,840.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

James Eric Bjornholt also recently made the following trade(s):

  • On Friday, May 22nd, James Eric Bjornholt sold 2,756 shares of Microchip Technology stock. The shares were sold at an average price of $86.92, for a total value of $239,551.52.

Shares of MCHP traded down $1.84 during mid-day trading on Monday, reaching $108.16. 1,037,973 shares of the company's stock traded hands, compared to its average volume of 3,740,143. The business's 50-day moving average price is $87.10 and its 200-day moving average price is $92.33. The stock has a market capitalization of $26.26 billion, a P/E ratio of 49.38, a price-to-earnings-growth ratio of 1.43 and a beta of 1.61. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.94 and a current ratio of 1.35. Microchip Technology Inc. has a 12 month low of $53.15 and a 12 month high of $113.28.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, May 7th. The semiconductor company reported $1.46 earnings per share for the quarter, beating the Zacks' consensus estimate of $1.35 by $0.11. The company had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.32 billion. Microchip Technology had a return on equity of 23.63% and a net margin of 10.82%. The business's revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.48 earnings per share. Equities research analysts anticipate that Microchip Technology Inc. will post 5.3 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were paid a dividend of $0.3675 per share. This represents a $1.47 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date was Wednesday, May 20th. This is a positive change from Microchip Technology's previous quarterly dividend of $0.37. Microchip Technology's dividend payout ratio (DPR) is currently 28.38%.

MCHP has been the subject of several recent analyst reports. B. Riley upgraded Microchip Technology from a "neutral" rating to a "buy" rating and raised their target price for the company from $85.00 to $125.00 in a research note on Wednesday, June 3rd. Rosenblatt Securities reaffirmed a "buy" rating and set a $110.00 price target on shares of Microchip Technology in a research report on Tuesday, June 2nd. KeyCorp increased their price target on shares of Microchip Technology from $100.00 to $105.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 3rd. Susquehanna Bancshares reduced their price target on shares of Microchip Technology from $130.00 to $115.00 and set a "positive" rating on the stock in a research report on Thursday, April 9th. Finally, Citigroup increased their price target on shares of Microchip Technology from $104.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Seven investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock has an average rating of "Buy" and a consensus price target of $110.95.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Janus Henderson Group PLC increased its stake in shares of Microchip Technology by 9.6% during the first quarter. Janus Henderson Group PLC now owns 14,250,012 shares of the semiconductor company's stock valued at $966,145,000 after acquiring an additional 1,244,503 shares during the period. Aristotle Capital Management LLC grew its position in Microchip Technology by 0.6% in the first quarter. Aristotle Capital Management LLC now owns 8,581,928 shares of the semiconductor company's stock worth $581,855,000 after buying an additional 48,909 shares during the last quarter. Principal Financial Group Inc. grew its position in Microchip Technology by 3.0% in the first quarter. Principal Financial Group Inc. now owns 5,925,466 shares of the semiconductor company's stock worth $401,746,000 after buying an additional 173,949 shares during the last quarter. Pictet Asset Management Ltd. grew its position in Microchip Technology by 51.5% in the fourth quarter. Pictet Asset Management Ltd. now owns 2,463,704 shares of the semiconductor company's stock worth $257,999,000 after buying an additional 837,126 shares during the last quarter. Finally, Norges Bank acquired a new position in Microchip Technology in the fourth quarter worth approximately $213,432,000.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

Read More: Earnings Reports

Insider Buying and Selling by Quarter for Microchip Technology (NASDAQ:MCHP)

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