James Eric Bjornholt Sells 3,188 Shares of Microchip Technology Incorporated (NASDAQ:MCHP) Stock

Microchip Technology Incorporated (NASDAQ:MCHP) CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Microchip Technology Stock Up 0.1 %

Shares of NASDAQ MCHP traded up $0.09 during mid-day trading on Friday, reaching $98.23. The company had a trading volume of 5,206,120 shares, compared to its average volume of 5,556,605. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The stock has a fifty day moving average of $90.00 and a two-hundred day moving average of $87.00. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The company has a market capitalization of $53.08 billion, a price-to-earnings ratio of 28.28, a PEG ratio of 3.47 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the firm earned $1.56 EPS. The company’s revenue was down 40.6% on a year-over-year basis. As a group, equities research analysts expect that Microchip Technology Incorporated will post 2.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be given a $0.452 dividend. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.84%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, May 21st. Microchip Technology’s payout ratio is presently 52.16%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MCHP. Truist Financial lifted their price objective on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their price target for the company from $85.00 to $115.00 in a research note on Friday. The Goldman Sachs Group increased their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. TD Cowen increased their price target on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, May 7th. Finally, Jefferies Financial Group started coverage on Microchip Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $115.00 target price on the stock. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $101.06.

Institutional Investors Weigh In On Microchip Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cetera Investment Advisers grew its stake in Microchip Technology by 513.4% in the first quarter. Cetera Investment Advisers now owns 146,025 shares of the semiconductor company’s stock valued at $13,100,000 after acquiring an additional 122,221 shares during the period. PGGM Investments raised its position in Microchip Technology by 130.9% in the first quarter. PGGM Investments now owns 56,953 shares of the semiconductor company’s stock worth $5,109,000 after acquiring an additional 32,283 shares during the period. Northwest Bank & Trust Co lifted its stake in Microchip Technology by 3.0% in the first quarter. Northwest Bank & Trust Co now owns 6,770 shares of the semiconductor company’s stock valued at $623,000 after purchasing an additional 197 shares during the last quarter. Atria Investments Inc grew its stake in shares of Microchip Technology by 5.9% during the 1st quarter. Atria Investments Inc now owns 104,370 shares of the semiconductor company’s stock worth $9,373,000 after acquiring an additional 5,769 shares during the period. Finally, Swedbank AB bought a new stake in shares of Microchip Technology in the first quarter valued at approximately $1,079,000. 91.51% of the stock is currently owned by institutional investors.

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.