Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,940 shares of the semiconductor company’s stock after selling 118 shares during the period. Gateway Investment Advisers LLC’s holdings in Microchip Technology were worth $353,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. CGN Advisors LLC lifted its stake in Microchip Technology by 10.0% during the first quarter. CGN Advisors LLC now owns 28,565 shares of the semiconductor company’s stock valued at $2,563,000 after purchasing an additional 2,586 shares during the last quarter. Northwest Investment Counselors LLC lifted its stake in Microchip Technology by 2.7% during the first quarter. Northwest Investment Counselors LLC now owns 38,504 shares of the semiconductor company’s stock valued at $3,454,000 after purchasing an additional 1,029 shares during the last quarter. Steph & Co. lifted its stake in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 151 shares during the last quarter. Cooper Financial Group lifted its stake in Microchip Technology by 154.5% during the first quarter. Cooper Financial Group now owns 9,861 shares of the semiconductor company’s stock valued at $885,000 after purchasing an additional 5,986 shares during the last quarter. Finally, Gulf International Bank UK Ltd lifted its position in shares of Microchip Technology by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 44,945 shares of the semiconductor company’s stock valued at $4,032,000 after acquiring an additional 275 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of MCHP opened at $90.05 on Thursday. The company’s fifty day moving average is $92.62 and its 200-day moving average is $89.08. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The firm has a market cap of $48.35 billion, a price-to-earnings ratio of 25.95 and a beta of 1.55. 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 (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company 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 business posted $1.56 EPS. Microchip Technology’s quarterly revenue was down 40.6% on a year-over-year basis. Equities analysts expect 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. Investors of record on Wednesday, May 22nd were paid a $0.452 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 2.01%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $257,982.24. Following the completion of the sale, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Evercore ISI assumed coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target for the company. Truist Financial upped their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Stifel Nicolaus upped their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Finally, Susquehanna upped their price target on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

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.