Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,396 shares of the semiconductor company’s stock after selling 2,249 shares during the period. Advisors Asset Management Inc.’s holdings in Microchip Technology were worth $2,996,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. EP Wealth Advisors LLC grew its stake in Microchip Technology by 15.8% during the 1st quarter. EP Wealth Advisors LLC now owns 14,195 shares of the semiconductor company’s stock worth $1,273,000 after buying an additional 1,940 shares during the last quarter. CreativeOne Wealth LLC grew its holdings in shares of Microchip Technology by 16.7% during the first quarter. CreativeOne Wealth LLC now owns 30,135 shares of the semiconductor company’s stock worth $2,703,000 after buying an additional 4,320 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Microchip Technology by 10.3% in the 1st quarter. Vident Advisory LLC now owns 290,868 shares of the semiconductor company’s stock valued at $26,094,000 after purchasing an additional 27,221 shares during the last quarter. Payden & Rygel Investment Group purchased a new stake in shares of Microchip Technology during the first quarter worth approximately $431,000. Finally, Crewe Advisors LLC acquired a new stake in shares of Microchip Technology during the first quarter worth $352,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the transaction, the vice president now owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the transaction, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock valued at $2,251,857 in the last ninety days. Insiders own 2.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MCHP shares. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Jefferies Financial Group initiated coverage on shares of Microchip Technology in a report on Monday, May 13th. They set a “buy” rating and a $115.00 price target for the company. Citigroup raised their price objective on shares of Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Needham & Company LLC boosted their target price on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Finally, Stifel Nicolaus raised their price target on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $102.17.

Microchip Technology Price Performance

MCHP traded up $1.80 during midday trading on Friday, reaching $86.83. 5,590,310 shares of the company’s stock were exchanged, compared to its average volume of 5,836,401. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The stock has a market capitalization of $46.59 billion, a PE ratio of 25.02 and a beta of 1.54. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The business’s 50-day moving average price is $92.96 and its 200 day moving average price is $89.42.

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

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were issued a $0.452 dividend. This represents a $1.81 dividend on an annualized basis and a yield of 2.08%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio is 52.16%.

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.