Massachusetts Financial Services Co. MA cut its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 16.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,139,005 shares of the semiconductor company’s stock after selling 431,345 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.89% of Microchip Technology worth $145,024,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Sugarloaf Wealth Management LLC bought a new position in Microchip Technology during the first quarter valued at approximately $25,000. HHM Wealth Advisors LLC bought a new position in Microchip Technology during the first quarter valued at approximately $32,000. Pacitti Group Inc. bought a new position in Microchip Technology during the fourth quarter valued at approximately $33,000. Allred Capital Management LLC boosted its stake in Microchip Technology by 42.0% during the first quarter. Allred Capital Management LLC now owns 487 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 144 shares during the last quarter. Finally, Bourgeon Capital Management LLC bought a new position in Microchip Technology during the first quarter valued at approximately $34,000.
In other news, VP Richard J. Simoncic sold 3,958 shares of Microchip Technology stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $86.92, for a total value of $344,029.36. Following the transaction, the vice president now directly owns 19,213 shares in the company, valued at approximately $1,669,993.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,756 shares of Microchip Technology stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $86.92, for a total value of $239,551.52. The disclosure for this sale can be found here. Insiders have sold a total of 26,336 shares of company stock worth $2,684,160 over the last 90 days. 2.21% of the stock is currently owned by company insiders.
A number of brokerages recently commented on MCHP. B. Riley raised Microchip Technology from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $125.00 in a research note on Wednesday, June 3rd. Citigroup raised their price objective on Microchip Technology from $104.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Needham & Company LLC raised their price objective on Microchip Technology from $100.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. KeyCorp raised their price objective on Microchip Technology from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, June 3rd. Finally, Cfra lowered their price objective on Microchip Technology from $110.00 to $95.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Seven investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $110.95.
MCHP traded down $4.46 during trading on Thursday, hitting $99.89. 1,474,174 shares of the stock were exchanged, compared to its average volume of 3,904,854. The firm has a 50 day simple moving average of $90.04 and a 200 day simple moving average of $92.72. The firm has a market cap of $25.51 billion, a price-to-earnings ratio of 47.00, a P/E/G ratio of 1.43 and a beta of 1.61. Microchip Technology Inc. has a 1 year low of $53.15 and a 1 year high of $113.28. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.94 and a current ratio of 1.35.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, May 7th. The semiconductor company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.35 by $0.11. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.32 billion. Microchip Technology had a return on equity of 23.63% and a net margin of 10.82%. Microchip Technology’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the business posted $1.48 EPS. As a group, equities analysts anticipate that Microchip Technology Inc. will post 5.3 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were issued a dividend of $0.3675 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.37. This represents a $1.47 annualized dividend and a yield of 1.47%. The ex-dividend date was Wednesday, May 20th. Microchip Technology’s dividend payout ratio (DPR) is presently 28.38%.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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