Karlton D. Johnson Sells 494 Shares of Microchip Technology Incorporated (NASDAQ:MCHP) Stock

Microchip Technology Incorporated (NASDAQ:MCHP) Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Microchip Technology Trading Down 3.2%

Shares of MCHP stock opened at $56.19 on Friday. The company has a market cap of $30.27 billion, a P/E ratio of 100.34 and a beta of 1.42. The stock has a 50 day simple moving average of $48.07 and a two-hundred day simple moving average of $55.50. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the previous year, the company earned $0.57 EPS. Microchip Technology’s quarterly revenue was down 26.8% compared to the same quarter last year. Research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be given a dividend of $0.455 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.24%. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MCHP shares. Evercore ISI upped their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. TD Cowen upped their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, May 9th. Truist Financial raised their target price on Microchip Technology from $43.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, May 9th. Morgan Stanley raised their target price on Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Finally, Raymond James raised their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a “strong-buy” rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.42.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Microchip Technology by 0.6% in the first quarter. Vanguard Group Inc. now owns 69,302,614 shares of the semiconductor company’s stock valued at $3,354,940,000 after acquiring an additional 390,269 shares during the period. Invesco Ltd. grew its stake in Microchip Technology by 63.0% in the first quarter. Invesco Ltd. now owns 16,707,031 shares of the semiconductor company’s stock valued at $808,787,000 after acquiring an additional 6,459,123 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in Microchip Technology by 0.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 16,630,574 shares of the semiconductor company’s stock valued at $805,087,000 after acquiring an additional 152,434 shares during the period. Van ECK Associates Corp grew its stake in Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after acquiring an additional 3,131,807 shares during the period. Finally, Boston Partners grew its stake in Microchip Technology by 35.3% in the first quarter. Boston Partners now owns 10,726,413 shares of the semiconductor company’s stock valued at $517,082,000 after acquiring an additional 2,795,650 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company 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.