Geneva Capital Management LLC Has $2.95 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Geneva Capital Management LLC lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,913 shares of the semiconductor company’s stock after selling 1,642 shares during the period. Geneva Capital Management LLC’s holdings in Microchip Technology were worth $2,953,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MCHP. Norges Bank acquired a new position in Microchip Technology during the fourth quarter worth approximately $672,196,000. Truist Financial Corp increased its holdings in shares of Microchip Technology by 324.0% during the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after acquiring an additional 1,386,924 shares during the last quarter. Van ECK Associates Corp raised its stake in Microchip Technology by 17.2% in the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after acquiring an additional 891,297 shares during the period. Corient Private Wealth LLC raised its stake in Microchip Technology by 76.6% in the 4th quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock valued at $184,251,000 after acquiring an additional 886,068 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in Microchip Technology by 173.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock valued at $82,937,000 after purchasing an additional 673,924 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Insiders have sold a total of 23,993 shares of company stock worth $2,251,857 over the last 90 days. Insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded down $3.89 during midday trading on Thursday, hitting $92.09. The stock had a trading volume of 6,609,517 shares, compared to its average volume of 5,727,641. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $49.44 billion, a P/E ratio of 26.91 and a beta of 1.54. The company’s 50-day moving average price is $93.50 and its 200-day moving average price is $89.23. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company’s revenue was down 40.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.56 earnings per share. As a group, equities research analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were paid a $0.452 dividend. The ex-dividend date was Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 1.96%. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MCHP. B. Riley increased their price objective on shares of Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $115.00 in a report on Friday, May 24th. UBS Group boosted their price objective on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. The Goldman Sachs Group upped their target price on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Finally, Needham & Company LLC lifted their price target on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $101.61.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.