Procyon Advisors LLC Sells 5,333 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Procyon Advisors LLC reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 40.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 7,840 shares of the semiconductor company’s stock after selling 5,333 shares during the quarter. Procyon Advisors LLC’s holdings in Microchip Technology were worth $380,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its stake in Microchip Technology by 0.5% in the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock valued at $2,254,000 after buying an additional 209 shares during the last quarter. Northwest Bank & Trust Co grew its holdings in Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company’s stock worth $424,000 after purchasing an additional 217 shares during the period. State of Wyoming increased its position in Microchip Technology by 27.3% during the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company’s stock worth $75,000 after buying an additional 279 shares during the last quarter. CreativeOne Wealth LLC lifted its position in shares of Microchip Technology by 1.0% in the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company’s stock valued at $1,654,000 after buying an additional 283 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its position in shares of Microchip Technology by 4.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company’s stock valued at $393,000 after buying an additional 305 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the business’s stock in a transaction on 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.

Microchip Technology Price Performance

Microchip Technology stock opened at $65.25 on Monday. The firm has a market cap of $35.20 billion, a PE ratio of 116.52 and a beta of 1.48. 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 stock’s fifty day moving average price is $49.94 and its two-hundred day moving average price is $54.81. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Microchip Technology’s quarterly revenue was down 26.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 EPS. As a group, research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.79%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s payout ratio is presently -18,200.00%.

Analysts Set New Price Targets

MCHP has been the topic of a number of recent analyst reports. Stifel Nicolaus boosted their target price on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Rosenblatt Securities upped their price objective on shares of Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a report on Friday, May 30th. Bank of America upgraded shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research note on Friday, May 9th. Wall Street Zen lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.68.

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.