Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Associated Banc Corp

Associated Banc Corp trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 2.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 61,819 shares of the semiconductor company’s stock after selling 1,369 shares during the period. Associated Banc Corp’s holdings in Microchip Technology were worth $5,575,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bleakley Financial Group LLC raised its holdings in Microchip Technology by 1.3% in the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after acquiring an additional 119 shares during the last quarter. RFG Advisory LLC increased its stake in Microchip Technology by 3.2% during the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after acquiring an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC raised its position in Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock valued at $1,103,000 after purchasing an additional 125 shares during the period. Merit Financial Group LLC lifted its stake in shares of Microchip Technology by 1.9% in the 3rd quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock valued at $554,000 after purchasing an additional 134 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC grew its holdings in shares of Microchip Technology by 3.5% during the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 4,458 shares of the semiconductor company’s stock worth $348,000 after purchasing an additional 150 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Buying and Selling

In other 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 transaction of $744,319.80. Following the completion of the sale, the vice president now directly owns 79,509 shares in the company, valued at approximately $7,558,125.54. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Stephen V. Drehobl sold 7,830 shares of the firm’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 transaction, the vice president now 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 available at this link. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,800 shares of company stock valued at $1,818,403. Insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

MCHP stock traded up $2.81 on Monday, reaching $97.14. 2,002,884 shares of the company’s stock were exchanged, compared to its average volume of 5,479,965. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $97.59. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The stock has a fifty day moving average of $89.44 and a 200-day moving average of $86.53. The firm has a market cap of $52.49 billion, a PE ratio of 27.27, a P/E/G ratio of 3.29 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHPGet Free Report) last posted its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. Microchip Technology’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.56 earnings per share. As a group, equities analysts predict that Microchip Technology Incorporated will post 2.38 EPS 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. Stockholders of record on Wednesday, May 22nd will be issued a dividend of $0.452 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Tuesday, May 21st. Microchip Technology’s dividend payout ratio is presently 51.87%.

Analyst Ratings Changes

Several brokerages have weighed in on MCHP. Needham & Company LLC increased their target price on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Evercore ISI assumed coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective for the company. UBS Group upped their price target on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Citigroup lifted their price objective on Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Finally, Jefferies Financial Group began coverage on Microchip Technology in a research note on Monday, May 13th. They set a “buy” rating and a $115.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.39.

Get Our Latest Report on Microchip Technology

About Microchip Technology

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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