Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 31.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,398 shares of the semiconductor company’s stock after selling 13,648 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Microchip Technology were worth $1,423,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Consolidated Planning Corp acquired a new stake in shares of Microchip Technology during the fourth quarter worth about $308,000. one8zero8 LLC acquired a new position in Microchip Technology during the 4th quarter worth approximately $384,000. Truist Financial Corp increased its position in Microchip Technology by 5.8% during the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock worth $55,024,000 after purchasing an additional 52,222 shares during the period. Vanguard Group Inc. boosted its stake in shares of Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after acquiring an additional 569,699 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after acquiring an additional 3,013,162 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer now directly owns 34,313 shares of the company’s stock, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director now directly owns 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Bank of America raised Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a research note on Friday, May 9th. Mizuho upped their price objective on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. KeyCorp decreased their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. Finally, Stifel Nicolaus upped their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.68.

Microchip Technology Trading Up 1.4%

Shares of NASDAQ MCHP opened at $65.25 on Friday. The company’s fifty day moving average is $49.94 and its 200-day moving average is $54.96. The stock has a market cap of $35.20 billion, a price-to-earnings ratio of 116.52 and a beta of 1.48. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $96.98. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

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

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s dividend payout ratio is -18,200.00%.

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.