Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Cerity Partners LLC

Cerity Partners LLC cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 26.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 166,342 shares of the semiconductor company’s stock after selling 59,630 shares during the quarter. Cerity Partners LLC’s holdings in Microchip Technology were worth $8,053,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MCHP. Twelve Points Wealth Management LLC boosted its holdings in Microchip Technology by 20.4% in the 1st quarter. Twelve Points Wealth Management LLC now owns 22,349 shares of the semiconductor company’s stock valued at $1,082,000 after purchasing an additional 3,793 shares during the last quarter. Greenleaf Trust boosted its holdings in Microchip Technology by 1.0% in the 1st quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company’s stock valued at $1,207,000 after purchasing an additional 242 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Microchip Technology by 2.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 276,157 shares of the semiconductor company’s stock valued at $13,263,000 after purchasing an additional 7,095 shares during the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of Microchip Technology by 24.2% in the 1st quarter. Valeo Financial Advisors LLC now owns 11,779 shares of the semiconductor company’s stock worth $570,000 after acquiring an additional 2,296 shares during the last quarter. Finally, Stratos Wealth Partners LTD. lifted its holdings in shares of Microchip Technology by 16.1% in the 1st quarter. Stratos Wealth Partners LTD. now owns 5,433 shares of the semiconductor company’s stock worth $263,000 after acquiring an additional 753 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director owned 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer owned 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several recent analyst reports. TD Cowen upped their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, May 9th. Rosenblatt Securities increased their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 30th. Needham & Company LLC reissued a “buy” rating and issued a $66.00 price objective on shares of Microchip Technology in a research report on Friday, May 9th. Bank of America raised shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price objective on the stock in a research report on Friday, May 9th. Finally, B. Riley increased their price objective on shares of Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $75.10.

Microchip Technology Trading Down 1.3%

NASDAQ MCHP opened at $73.11 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The firm’s fifty day moving average price is $65.40 and its 200 day moving average price is $56.54. The company has a market capitalization of $39.46 billion, a price-to-earnings ratio of -7,311.00, a price-to-earnings-growth ratio of 2.20 and a beta of 1.52. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. Microchip Technology’s quarterly revenue was down 26.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 EPS. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Microchip Technology Profile

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.