James Eric Bjornholt Sells 2,154 Shares of Microchip Technology Incorporated (NASDAQ:MCHP) Stock

Microchip Technology Incorporated (NASDAQ:MCHP) CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Microchip Technology Trading Up 0.8 %

Shares of Microchip Technology stock opened at $80.94 on Wednesday. The firm’s 50-day moving average price is $86.27 and its two-hundred day moving average price is $88.49. The company has a market capitalization of $43.42 billion, a price-to-earnings ratio of 23.33 and a beta of 1.54. 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 Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the business posted $1.56 EPS. The firm’s revenue for the quarter was down 45.8% on a year-over-year basis. On average, analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be issued a dividend of $0.454 per share. The ex-dividend date is Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.24%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 52.16%.

Wall Street Analyst Weigh In

MCHP has been the subject of several research reports. B. Riley cut their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Susquehanna reduced their target price on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a report on Friday, August 2nd. Truist Financial lowered their price target on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a report on Wednesday, July 31st. Finally, Stifel Nicolaus increased their target price on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $99.95.

Institutional Trading of Microchip Technology

Large investors have recently bought and sold shares of the business. Financial Counselors Inc. lifted its stake in Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after purchasing an additional 119 shares during the last quarter. SeaCrest Wealth Management LLC lifted its stake in shares of Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after acquiring an additional 131 shares during the last quarter. Meridian Wealth Management LLC boosted its holdings in shares of Microchip Technology by 5.1% during the 1st quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock valued at $252,000 after acquiring an additional 137 shares in the last quarter. Horizon Bancorp Inc. IN grew its position in Microchip Technology by 11.8% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after acquiring an additional 145 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI increased its holdings in Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after purchasing an additional 148 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.