SeaCrest Wealth Management LLC Raises Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

SeaCrest Wealth Management LLC boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 21.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,435 shares of the semiconductor company’s stock after buying an additional 788 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Microchip Technology were worth $215,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after buying an additional 569,699 shares during the last quarter. Van ECK Associates Corp lifted its stake in Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after acquiring an additional 3,131,807 shares during the period. Invesco Ltd. boosted its holdings in Microchip Technology by 9.5% in the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock valued at $587,718,000 after acquiring an additional 890,819 shares in the last quarter. Norges Bank purchased a new position in Microchip Technology during the 4th quarter valued at $452,627,000. Finally, FIL Ltd increased its position in Microchip Technology by 9.0% during the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company’s stock valued at $451,774,000 after purchasing an additional 653,705 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer now directly owns 34,313 shares in the company, 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. Company insiders own 2.10% of the company’s stock.

Microchip Technology Stock Up 1.4%

Shares of NASDAQ:MCHP opened at $65.25 on Monday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The stock has a fifty day simple moving average of $49.94 and a two-hundred day simple moving average of $54.81. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98. The stock has a market capitalization of $35.20 billion, a price-to-earnings ratio of 116.52 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP) last issued 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 firm 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%. The company’s revenue was down 26.8% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have recently commented on MCHP. Bank of America raised 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 report on Friday, May 9th. B. Riley increased their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Mizuho lifted their price objective on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. TD Cowen upped their target price on Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, May 9th. Finally, Stifel Nicolaus increased their target price on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.