Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by HM Payson & Co.

HM Payson & Co. trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,016 shares of the semiconductor company’s stock after selling 200 shares during the period. HM Payson & Co.’s holdings in Microchip Technology were worth $181,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares during the period. Principal Financial Group Inc. boosted its stake in Microchip Technology by 0.9% in the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock valued at $836,795,000 after acquiring an additional 87,203 shares during the period. Boston Partners boosted its stake in Microchip Technology by 10.7% in the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after acquiring an additional 736,818 shares during the period. Norges Bank acquired a new position in Microchip Technology in the fourth quarter valued at approximately $672,196,000. Finally, Van ECK Associates Corp boosted its stake in Microchip Technology by 17.2% in the first 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. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MCHP. Citigroup reduced their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday. Susquehanna dropped their target price on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a report on Friday. 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 report on Tuesday, May 7th. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Finally, The Goldman Sachs Group upped their price target on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.63.

Microchip Technology Stock Up 0.1 %

Shares of Microchip Technology stock traded up $0.07 on Monday, hitting $75.50. 4,746,625 shares of the company traded hands, compared to its average volume of 5,937,745. The company has a 50-day moving average price of $91.66 and a 200 day moving average price of $89.46. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The company has a market cap of $40.51 billion, a PE ratio of 21.74 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the company posted $1.56 EPS. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. Sell-side analysts predict that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a $0.454 dividend. The ex-dividend date is Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.41%. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Buying and Selling

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

Microchip Technology Company Profile

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.