FORA Capital LLC Sells 47,187 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

FORA Capital LLC cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 88.0% during the 1st quarter, HoldingsChannel reports. The firm owned 6,451 shares of the semiconductor company’s stock after selling 47,187 shares during the period. FORA Capital LLC’s holdings in Microchip Technology were worth $579,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Bleakley Financial Group LLC boosted its position in shares of Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after purchasing an additional 119 shares in the last quarter. RFG Advisory LLC boosted its position in shares of Microchip Technology by 3.2% during the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after purchasing an additional 123 shares in the last quarter. Twelve Points Wealth Management LLC boosted its holdings in Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after acquiring an additional 125 shares in the last quarter. Meridian Wealth Management LLC boosted its holdings in Microchip Technology by 5.1% in the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock worth $252,000 after acquiring an additional 137 shares in the last quarter. Finally, Horizon Bancorp Inc. IN boosted its holdings in Microchip Technology by 11.8% in the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after acquiring an additional 145 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MCHP has been the topic of several analyst reports. Susquehanna boosted their target price on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a report on Tuesday, May 7th. The Goldman Sachs Group boosted their target price on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Stifel Nicolaus boosted their target price on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Citigroup boosted their target price on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Finally, Evercore ISI began coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $101.06.

Insider Transactions at Microchip Technology

In other news, VP Stephen V. Drehobl sold 7,830 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Stephen V. Drehobl sold 7,830 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock valued at $2,251,857 over the last quarter. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Stock Performance

Microchip Technology stock traded up $1.12 during mid-day trading on Monday, reaching $93.26. 4,798,149 shares of the stock traded hands, compared to its average volume of 5,735,089. The stock has a market capitalization of $50.07 billion, a PE ratio of 26.76 and a beta of 1.54. 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 12-month low of $68.75 and a 12-month high of $100.57. The business’s 50-day moving average is $93.35 and its 200-day moving average is $89.14.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the business posted $1.56 earnings per share. The business’s quarterly revenue was down 40.6% on a year-over-year basis. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were paid a $0.452 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 1.94%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

About Microchip Technology

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.