Bahl & Gaynor Inc. Sells 189 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bahl & Gaynor Inc. cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,801 shares of the semiconductor company’s stock after selling 189 shares during the period. Bahl & Gaynor Inc.’s holdings in Microchip Technology were worth $1,148,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Trustmark National Bank Trust Department boosted its position in shares of Microchip Technology by 2.9% in the 1st quarter. Trustmark National Bank Trust Department now owns 21,070 shares of the semiconductor company’s stock worth $1,890,000 after purchasing an additional 602 shares during the last quarter. Alley Investment Management Company LLC boosted its holdings in Microchip Technology by 658.4% during the first quarter. Alley Investment Management Company LLC now owns 169,626 shares of the semiconductor company’s stock worth $15,217,000 after buying an additional 147,260 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of Microchip Technology during the 1st quarter worth about $871,000. Vanguard Group Inc. increased its stake in shares of Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares during the last quarter. Finally, Nicolet Advisory Services LLC increased its stake in shares of Microchip Technology by 38.3% in the 1st quarter. Nicolet Advisory Services LLC now owns 4,308 shares of the semiconductor company’s stock valued at $395,000 after acquiring an additional 1,193 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

MCHP traded down $1.57 on Wednesday, reaching $88.14. The company had a trading volume of 2,610,185 shares, compared to its average volume of 5,713,994. The stock has a market cap of $47.29 billion, a P/E ratio of 25.57 and a beta of 1.54. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The company’s fifty day moving average is $93.47 and its 200 day moving average is $89.46.

Microchip Technology (NASDAQ:MCHP) last announced its 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 analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.56 earnings per share. As a group, analysts predict that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were issued a $0.452 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a yield of 2.05%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Insiders Place Their Bets

In related news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now directly owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the sale, the vice president now owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the sale, the vice president now 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 a total of 23,993 shares of company stock worth $2,251,857 in the last quarter. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. KeyCorp boosted their price objective on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Stifel Nicolaus raised their price objective on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Susquehanna increased their target price on Microchip Technology from $105.00 to $115.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Truist Financial boosted their price target on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Finally, UBS Group upped their price objective on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $102.17.

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.