Eagle Bluffs Wealth Management LLC Sells 216 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Eagle Bluffs Wealth Management LLC decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.0% during the 1st quarter, Holdings Channel reports. The firm owned 5,221 shares of the semiconductor company’s stock after selling 216 shares during the quarter. Eagle Bluffs Wealth Management LLC’s holdings in Microchip Technology were worth $253,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. LPL Financial LLC boosted its holdings in Microchip Technology by 25.4% in the fourth quarter. LPL Financial LLC now owns 542,005 shares of the semiconductor company’s stock worth $31,084,000 after acquiring an additional 109,885 shares in the last quarter. Loomis Sayles & Co. L P boosted its holdings in Microchip Technology by 16.0% in the fourth quarter. Loomis Sayles & Co. L P now owns 96,405 shares of the semiconductor company’s stock worth $5,529,000 after acquiring an additional 13,307 shares in the last quarter. DnB Asset Management AS boosted its holdings in Microchip Technology by 1.0% in the fourth quarter. DnB Asset Management AS now owns 91,118 shares of the semiconductor company’s stock worth $5,226,000 after acquiring an additional 940 shares in the last quarter. Allstate Corp bought a new position in Microchip Technology in the fourth quarter worth approximately $922,000. Finally, Schroder Investment Management Group boosted its holdings in Microchip Technology by 7.1% in the fourth quarter. Schroder Investment Management Group now owns 621,164 shares of the semiconductor company’s stock worth $35,481,000 after acquiring an additional 41,077 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,015 shares of the business’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer directly owned 34,313 shares in the company, valued at $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction dated 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 owned 3,468 shares of the company’s stock, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is owned by insiders.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $69.21 on Monday. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The business has a fifty day simple moving average of $67.83 and a two-hundred day simple moving average of $57.39. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $89.59. The company has a market capitalization of $37.35 billion, a P/E ratio of -6,921.00, a P/E/G ratio of 1.96 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm’s quarterly 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 earnings per share. On average, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm 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. This represents a $1.82 annualized dividend and a yield of 2.63%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s payout ratio is -18,200.00%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MCHP. Bank of America upgraded Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price target on the stock in a report on Friday, May 9th. Needham & Company LLC restated a “buy” rating and issued a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. The Goldman Sachs Group began coverage on Microchip Technology in a report on Thursday, July 10th. They issued a “buy” rating and a $88.00 target price on the stock. Truist Financial raised their target price on Microchip Technology from $52.00 to $64.00 and gave the company a “hold” rating in a report on Wednesday, June 18th. Finally, 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, June 12th. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.70.

Microchip Technology 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.