Brookmont Capital Management Sells 295 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Brookmont Capital Management cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,658 shares of the semiconductor company’s stock after selling 295 shares during the quarter. Microchip Technology accounts for approximately 2.0% of Brookmont Capital Management’s holdings, making the stock its 16th largest position. Brookmont Capital Management’s holdings in Microchip Technology were worth $3,827,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bleakley Financial Group LLC lifted its holdings in shares of Microchip Technology by 1.3% during the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after buying an additional 119 shares during the period. RFG Advisory LLC lifted its holdings in shares of Microchip Technology by 3.2% during the 4th quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after buying an additional 123 shares during the period. Twelve Points Wealth Management LLC lifted its holdings in shares of Microchip Technology by 1.0% during the 4th quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock valued at $1,103,000 after buying an additional 125 shares during the period. Steph & Co. lifted its holdings in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the period. Finally, Indiana Trust & Investment Management CO lifted its holdings in shares of Microchip Technology by 18.4% during the 1st quarter. Indiana Trust & Investment Management CO now owns 999 shares of the semiconductor company’s stock valued at $90,000 after buying an additional 155 shares during the period. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MCHP shares. Truist Financial upped their price objective on Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Susquehanna increased their price target on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a research note on Tuesday, May 7th. Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and increased their price target for the stock from $85.00 to $115.00 in a research note on Friday, May 24th. Evercore ISI started coverage on Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target for the company. Finally, Piper Sandler reiterated a “neutral” rating and issued a $90.00 price target (up previously from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $101.06.

Microchip Technology Stock Up 2.3 %

NASDAQ MCHP traded up $2.07 on Friday, hitting $91.50. The stock had a trading volume of 13,568,338 shares, compared to its average volume of 5,791,474. The business’s fifty day moving average price is $93.02 and its 200 day moving average price is $89.10. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The stock has a market cap of $49.13 billion, a price-to-earnings ratio of 26.37 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the firm posted $1.56 earnings per share. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a dividend of $0.452 per share. The ex-dividend date was Tuesday, May 21st. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 1.98%. Microchip Technology’s payout ratio is currently 51.87%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Insiders sold 23,993 shares of company stock worth $2,251,857 over the last three months. Company insiders own 2.07% of the company’s stock.

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.