Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by GPM Growth Investors Inc.

GPM Growth Investors Inc. reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,583 shares of the semiconductor company’s stock after selling 636 shares during the period. Microchip Technology accounts for about 3.3% of GPM Growth Investors Inc.’s investment portfolio, making the stock its 9th largest position. GPM Growth Investors Inc.’s holdings in Microchip Technology were worth $7,087,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Mizuho Markets Americas LLC purchased a new position in Microchip Technology during the third quarter worth about $225,800,000. Truist Financial Corp lifted its holdings in shares of Microchip Technology by 324.0% during the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after acquiring an additional 1,386,924 shares during the period. Qube Research & Technologies Ltd boosted its position in shares of Microchip Technology by 122.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after acquiring an additional 840,526 shares during the last quarter. Van ECK Associates Corp grew its holdings in Microchip Technology by 16.0% in the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after purchasing an additional 714,376 shares during the period. Finally, Public Sector Pension Investment Board increased its position in Microchip Technology by 173.4% during the third quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after purchasing an additional 673,924 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Stock Down 0.7 %

Shares of MCHP traded down $0.68 during trading on Tuesday, reaching $92.50. The company’s stock had a trading volume of 1,577,378 shares, compared to its average volume of 5,516,872. The company has a market cap of $49.99 billion, a price-to-earnings ratio of 21.77, a P/E/G ratio of 2.86 and a beta of 1.65. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The company has a fifty day moving average of $87.47 and a two-hundred day moving average of $84.79. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.63.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same period last year, the business earned $1.48 EPS. On average, sell-side analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $0.45 per share. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 1.95%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio is currently 42.06%.

Analyst Ratings Changes

A number of equities analysts have weighed in on MCHP shares. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Thursday, January 18th. Needham & Company LLC upped their price target on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Evercore ISI began coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price for the company. TD Cowen increased their target price on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. Finally, The Goldman Sachs Group cut their price target on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $92.50.

Insiders Place Their Bets

In other news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by insiders.

Microchip Technology Company 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.