Silvercrest Asset Management Group LLC Sells 420,211 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Silvercrest Asset Management Group LLC lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 31.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 926,491 shares of the semiconductor company's stock after selling 420,211 shares during the quarter. Silvercrest Asset Management Group LLC owned about 0.17% of Microchip Technology worth $53,134,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after purchasing an additional 569,699 shares in the last quarter. Van ECK Associates Corp raised its stake in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock worth $636,184,000 after acquiring an additional 3,131,807 shares in the last quarter. Invesco Ltd. raised its stake in Microchip Technology by 9.5% during the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock worth $587,718,000 after acquiring an additional 890,819 shares in the last quarter. Norges Bank acquired a new position in Microchip Technology during the fourth quarter worth about $452,627,000. Finally, FIL Ltd raised its stake in Microchip Technology by 9.0% during the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock worth $451,774,000 after acquiring an additional 653,705 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several research analyst reports. Mizuho boosted their target price on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Stifel Nicolaus boosted their price target on Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Rosenblatt Securities restated a "buy" rating and set a $70.00 price target on shares of Microchip Technology in a report on Tuesday, March 4th. Citigroup boosted their price target on Microchip Technology from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, B. Riley boosted their price target on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, May 9th. One equities research 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 has a consensus rating of "Moderate Buy" and a consensus price target of $67.42.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This represents a 10.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.10% of the stock is owned by insiders.

Microchip Technology Trading Down 1.0%

MCHP traded down $0.64 during trading on Monday, hitting $60.57. The company's stock had a trading volume of 8,218,687 shares, compared to its average volume of 8,552,453. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock's fifty day moving average price is $47.51 and its 200-day moving average price is $55.78. The firm has a market capitalization of $32.63 billion, a P/E ratio of 108.16 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The company had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same period in the prior year, the firm earned $0.57 earnings per share. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. Analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Thursday, May 22nd. Microchip Technology's payout ratio 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.