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

Los Angeles Capital Management LLC trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 67.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,875 shares of the semiconductor company’s stock after selling 55,944 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Microchip Technology were worth $2,411,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. CWM LLC boosted its holdings in Microchip Technology by 20.5% in the first quarter. CWM LLC now owns 23,724 shares of the semiconductor company’s stock valued at $2,128,000 after purchasing an additional 4,034 shares in the last quarter. Trust Co. of Toledo NA OH boosted its holdings in Microchip Technology by 2.6% in the first quarter. Trust Co. of Toledo NA OH now owns 80,101 shares of the semiconductor company’s stock valued at $7,186,000 after purchasing an additional 2,052 shares in the last quarter. Symmetry Partners LLC boosted its holdings in Microchip Technology by 27.7% in the first quarter. Symmetry Partners LLC now owns 7,728 shares of the semiconductor company’s stock valued at $693,000 after purchasing an additional 1,676 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in Microchip Technology in the fourth quarter valued at approximately $984,000. Finally, HighPoint Advisor Group LLC purchased a new stake in Microchip Technology in the fourth quarter valued at approximately $828,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Trading Up 2.9 %

Shares of MCHP stock opened at $91.58 on Friday. The business’s fifty day moving average price is $92.48 and its 200 day moving average price is $88.96. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The firm has a market capitalization of $49.17 billion, a PE ratio of 26.39 and a beta of 1.55. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. 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 company posted $1.56 earnings per share. Microchip Technology’s quarterly revenue was down 40.6% on a year-over-year basis. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were issued a $0.452 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.97%. Microchip Technology’s dividend payout ratio is 52.16%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MCHP shares. Needham & Company LLC boosted their price objective on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Truist Financial boosted their price objective on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Evercore ISI started coverage on Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective for the company. UBS Group boosted their price objective on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Finally, B. Riley boosted their price objective on Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Microchip Technology news, 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 value 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 can be accessed through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the 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 sale, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,993 shares of company stock valued at $2,251,857. Insiders own 2.07% of the company’s stock.

Microchip Technology 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.