Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Geneva Capital Management LLC

Geneva Capital Management LLC trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,555 shares of the semiconductor company’s stock after selling 1,728 shares during the quarter. Geneva Capital Management LLC’s holdings in Microchip Technology were worth $3,116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mizuho Markets Americas LLC acquired a new stake in Microchip Technology during the 3rd quarter worth $225,800,000. Truist Financial Corp grew its position in 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 purchasing an additional 1,386,924 shares during the last quarter. Qube Research & Technologies Ltd grew its position in Microchip Technology by 122.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after purchasing an additional 840,526 shares during the last quarter. Van ECK Associates Corp grew its position in Microchip Technology by 16.0% during the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after purchasing an additional 714,376 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its position in Microchip Technology by 173.4% during the 3rd 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 institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MCHP shares. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Thursday, January 18th. TD Cowen boosted their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday. Stifel Nicolaus boosted their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Susquehanna boosted their price objective on shares of Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a report on Tuesday. Finally, B. Riley boosted their price objective on shares of Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $98.47.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 0.0 %

NASDAQ:MCHP traded up $0.02 during trading hours on Friday, reaching $91.50. 556,555 shares of the company were exchanged, compared to its average volume of 5,560,359. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The firm has a market cap of $49.45 billion, a price-to-earnings ratio of 21.37, a PEG ratio of 2.79 and a beta of 1.60. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $96.14. The stock has a 50 day simple moving average of $88.79 and a 200 day simple moving average of $85.46.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. Microchip Technology’s revenue was down 40.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.56 earnings per share. As a group, analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be given a $0.452 dividend. The ex-dividend date is Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 1.98%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 42.06%.

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.