Microchip Technology Incorporated (NASDAQ:MCHP) Stock Position Decreased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 86.0% in the first quarter, Holdings Channel reports. The firm owned 400,574 shares of the semiconductor company’s stock after selling 2,457,080 shares during the period. Assenagon Asset Management S.A.’s holdings in Microchip Technology were worth $19,392,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology during the 4th quarter valued at about $26,000. Rakuten Securities Inc. increased its holdings in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Microchip Technology during the 4th quarter valued at about $29,000. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Microchip Technology during the 4th quarter valued at about $34,000. Finally, Millstone Evans Group LLC acquired a new position in shares of Microchip Technology during the 4th quarter valued at about $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Microchip Technology stock opened at $65.73 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The company has a market capitalization of $35.45 billion, a PE ratio of 117.38 and a beta of 1.48. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The business has a 50 day simple moving average of $52.78 and a 200 day simple moving average of $54.99.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Microchip Technology’s revenue was down 26.8% on a year-over-year basis. During the same quarter last year, the company earned $0.57 EPS. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced 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. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.77%. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Saturday, June 7th. Rosenblatt Securities increased their price objective on Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a report on Friday, May 30th. Mizuho increased their price objective on Microchip Technology from $68.00 to $78.00 and gave the company an “outperform” rating in a report on Thursday. Evercore ISI raised their target price on Microchip Technology from $69.00 to $83.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Morgan Stanley raised their target price on Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. One equities 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.53.

Microchip Technology Company Profile

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.