Microchip Technology Incorporated (NASDAQ:MCHP) CFO Sells $175,551.00 in Stock

Microchip Technology Incorporated (NASDAQ:MCHP) CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Microchip Technology Price Performance

Microchip Technology stock traded down $1.49 during trading hours on Monday, reaching $80.30. 5,543,240 shares of the stock were exchanged, compared to its average volume of 6,028,382. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a market cap of $43.08 billion, a P/E ratio of 23.57 and a beta of 1.54. The stock has a 50 day moving average of $86.73 and a two-hundred day moving average of $88.55.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The firm’s quarterly revenue was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.56 EPS. Equities analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be paid a $0.454 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.26%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors have recently modified their holdings of MCHP. Swedbank AB bought a new stake in Microchip Technology during the 1st quarter worth $1,079,000. Caxton Associates LP grew its holdings in shares of Microchip Technology by 4,511.5% during the fourth quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after purchasing an additional 391,326 shares during the last quarter. SageView Advisory Group LLC increased its stake in shares of Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after buying an additional 14,458 shares during the period. RFG Advisory LLC raised its holdings in Microchip Technology by 228.4% in the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after buying an additional 8,931 shares during the last quarter. Finally, Hennessy Advisors Inc. boosted its position in Microchip Technology by 2,194.5% during the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after buying an additional 31,996 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Needham & Company LLC cut their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. TD Cowen reduced their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. The Goldman Sachs Group upped their target price on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Citigroup dropped their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Stifel Nicolaus upped their price objective on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $99.95.

About Microchip Technology

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.