Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Geneva Capital Management LLC

Geneva Capital Management LLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.8% during the fourth quarter, Holdings Channel reports. The fund owned 34,555 shares of the semiconductor company’s stock after selling 1,728 shares during the quarter. Geneva Capital Management LLC’s holdings in Microchip Technology were worth $3,116,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Northern Trust Corp boosted its stake in shares of Microchip Technology by 1.1% during the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock valued at $587,046,000 after acquiring an additional 80,431 shares during the last quarter. Van ECK Associates Corp boosted its stake in Microchip Technology by 16.0% in the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after buying an additional 714,376 shares during the last quarter. Mizuho Markets Americas LLC acquired a new stake in Microchip Technology in the 3rd quarter worth about $225,800,000. Charles Schwab Investment Management Inc. boosted its stake in Microchip Technology by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,881,646 shares of the semiconductor company’s stock worth $259,867,000 after buying an additional 51,249 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Microchip Technology by 0.5% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company’s stock valued at $221,586,000 after purchasing an additional 11,163 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded up $0.02 during trading on Friday, reaching $91.50. The stock had a trading volume of 556,555 shares, compared to its average volume of 5,560,359. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $96.14. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock has a market cap of $49.45 billion, a PE ratio of 21.37, a P/E/G ratio of 2.79 and a beta of 1.60. The firm’s 50 day moving average price is $88.79 and its two-hundred day moving average price is $85.46.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the firm posted $1.56 EPS. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. On average, research analysts forecast that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be given a dividend of $0.452 per share. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a yield of 1.98%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 42.06%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the topic of several research analyst reports. Stifel Nicolaus lifted their price objective on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Truist Financial boosted their price target on Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Tuesday. KeyCorp boosted their price target on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday. B. Riley boosted their price target on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Rosenblatt Securities reissued a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $98.47.

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.