HM Payson & Co. Sells 200 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

HM Payson & Co. lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,016 shares of the semiconductor company’s stock after selling 200 shares during the quarter. HM Payson & Co.’s holdings in Microchip Technology were worth $181,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. grew its position in Microchip Technology by 0.9% in the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock valued at $836,795,000 after acquiring an additional 87,203 shares during the last quarter. Boston Partners grew its position in Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after acquiring an additional 736,818 shares during the last quarter. Norges Bank bought a new position in Microchip Technology in the 4th quarter valued at $672,196,000. Finally, Van ECK Associates Corp grew its position in Microchip Technology by 17.2% in the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after acquiring an additional 891,297 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. B. Riley lowered their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday. Needham & Company LLC upped their target price on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. KeyCorp upped their target price on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Finally, Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $110.00 to $90.00 in a report on Friday. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $99.63.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction dated 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 directly owns 82,203 shares in the company, valued at $7,470,608.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,993 shares of company stock valued at $2,251,857. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 0.1 %

NASDAQ:MCHP traded up $0.07 during mid-day trading on Monday, hitting $75.50. 4,746,625 shares of the company’s stock traded hands, compared to its average volume of 5,937,745. The company has a fifty day moving average of $91.66 and a 200 day moving average of $89.46. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a market capitalization of $40.51 billion, a P/E ratio of 21.74 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.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The firm’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.56 EPS. On average, analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be issued a $0.454 dividend. The ex-dividend date is Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.41%. Microchip Technology’s dividend payout ratio is currently 52.16%.

Microchip Technology 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.