Callan Family Office LLC Trims Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Callan Family Office LLC reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 41.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,976 shares of the semiconductor company’s stock after selling 24,157 shares during the quarter. Callan Family Office LLC’s holdings in Microchip Technology were worth $1,645,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. First Citizens Bank & Trust Co. raised its position in Microchip Technology by 468.2% during the first quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company’s stock valued at $3,570,000 after acquiring an additional 60,760 shares in the last quarter. Everhart Financial Group Inc. purchased a new stake in shares of Microchip Technology in the first quarter valued at approximately $221,000. Texas Bank & Trust Co purchased a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $792,000. Czech National Bank increased its position in shares of Microchip Technology by 6.1% in the first quarter. Czech National Bank now owns 123,528 shares of the semiconductor company’s stock valued at $5,980,000 after buying an additional 7,093 shares in the last quarter. Finally, Sowell Financial Services LLC purchased a new stake in shares of Microchip Technology in the first quarter valued at approximately $318,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $64.50 on Wednesday. The stock’s fifty day moving average is $69.68 and its two-hundred day moving average is $58.16. The firm has a market capitalization of $34.81 billion, a P/E ratio of -189.71, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.33 and a current ratio of 2.31. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $82.87.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.05 billion. Microchip Technology had a positive return on equity of 6.24% and a negative net margin of 3.50%. The firm’s revenue for the quarter was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 earnings per share. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, August 22nd. Microchip Technology’s dividend payout ratio is -535.29%.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on Microchip Technology in a research report on Wednesday, June 18th. They issued a “neutral” rating and a $70.00 price objective for the company. Susquehanna boosted their price objective on Microchip Technology from $60.00 to $90.00 and gave the company a “positive” rating in a research report on Tuesday, July 22nd. Wall Street Zen upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, June 27th. Raymond James Financial boosted their price objective on Microchip Technology from $65.00 to $75.00 and gave the company a “strong-buy” rating in a research report on Friday, August 8th. Finally, Morgan Stanley boosted their price target on Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $76.58.

Insider Buying and Selling at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the company’s 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 transaction, the director owned 3,468 shares of the company’s stock, valued at $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the company’s 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 directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.94% of the company’s stock.

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.