Russell Investments Group Ltd. Sells 64,426 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Russell Investments Group Ltd. lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 538,935 shares of the semiconductor company’s stock after selling 64,426 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.10% of Microchip Technology worth $48,335,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BKM Wealth Management LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth $27,000. Rakuten Securities Inc. bought a new stake in shares of Microchip Technology during the fourth quarter worth $27,000. Rise Advisors LLC bought a new stake in shares of Microchip Technology during the first quarter worth $28,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth $29,000. Finally, Pineridge Advisors LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth $33,000. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the company’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 sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Stephen V. Drehobl sold 10,000 shares of the company’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 transaction, the vice president now owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $744,319.80. Following the completion of the transaction, the vice president now directly owns 79,509 shares in the company, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock worth $2,251,857 over the last 90 days. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Down 0.8 %

MCHP traded down $0.74 on Wednesday, hitting $94.07. 2,469,768 shares of the company were exchanged, compared to its average volume of 5,668,731. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The company has a market cap of $50.47 billion, a PE ratio of 27.32 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. The stock’s fifty day moving average is $93.60 and its 200-day moving average is $89.28.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. The firm 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 business’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.56 earnings per share. Equities research analysts predict that Microchip Technology Incorporated will post 2.35 EPS 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 paid a $0.452 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.92%. Microchip Technology’s dividend payout ratio is currently 52.16%.

Analysts Set New Price Targets

MCHP has been the subject of a number of analyst reports. Jefferies Financial Group initiated coverage on Microchip Technology in a research note on Monday, May 13th. They set a “buy” rating and a $115.00 price objective for the company. Truist Financial lifted 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. B. Riley lifted their price objective on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $90.00 price objective (up from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $102.17.

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.