Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 34.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 960,810 shares of the semiconductor company’s stock after selling 504,642 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Microchip Technology were worth $86,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in MCHP. BKM Wealth Management LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at about $27,000. Rakuten Securities Inc. purchased a new stake in Microchip Technology during the 4th quarter valued at about $27,000. Rise Advisors LLC acquired a new stake in Microchip Technology in the 1st quarter valued at about $28,000. Fortitude Family Office LLC purchased a new position in Microchip Technology in the 4th quarter worth approximately $29,000. Finally, Pineridge Advisors LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $33,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on MCHP. Truist Financial increased their price target on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. B. Riley lifted their price target on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Piper Sandler reissued a “neutral” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Susquehanna boosted their target price on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a report on Tuesday, May 7th. Finally, Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $115.00 in a report on Friday, May 24th. 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Insiders Place Their Bets

In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology 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 completion of the transaction, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Matthew W. Chapman sold 2,748 shares of the firm’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The disclosure for this sale can be found here. Insiders have sold a total of 23,993 shares of company stock worth $2,251,857 in the last ninety days. 2.07% of the stock is owned by corporate insiders.

Microchip Technology Trading Down 0.3 %

Shares of MCHP traded down $0.32 during midday trading on Tuesday, hitting $91.27. 350,020 shares of the stock were exchanged, compared to its average volume of 5,768,005. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The stock has a fifty day simple moving average of $93.02 and a 200 day simple moving average of $89.10. The firm has a market cap of $49.00 billion, a P/E ratio of 26.57 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. Microchip Technology’s revenue for the quarter was down 40.6% on a year-over-year basis. During the same period last year, the business posted $1.56 EPS. On average, research analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were paid a dividend of $0.452 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 1.98%. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio is presently 52.16%.

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.