Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Cut by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 77.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,909 shares of the semiconductor company’s stock after selling 23,509 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Microchip Technology were worth $334,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. one8zero8 LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $384,000. Truist Financial Corp raised its holdings in shares of Microchip Technology by 5.8% during the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock valued at $55,024,000 after buying an additional 52,222 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock valued at $3,952,123,000 after buying an additional 569,699 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Microchip Technology by 90.0% during the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock valued at $364,792,000 after buying an additional 3,013,162 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of Microchip Technology by 15.7% during the fourth quarter. Jones Financial Companies Lllp now owns 16,418 shares of the semiconductor company’s stock valued at $942,000 after buying an additional 2,226 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology 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 transaction, the chief financial officer now owns 34,313 shares in the company, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction dated Tuesday, May 20th. The stock was 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. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Microchip Technology Trading Up 3.7%

Shares of NASDAQ:MCHP opened at $68.19 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98. The firm has a fifty day moving average of $53.43 and a two-hundred day moving average of $54.81. The firm has a market capitalization of $36.78 billion, a P/E ratio of 121.77 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the previous year, the business earned $0.57 EPS. Microchip Technology’s quarterly revenue was down 26.8% compared to the same quarter last year. On average, equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS 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 paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s payout ratio is presently -18,200.00%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MCHP. Evercore ISI raised their price objective on shares of Microchip Technology from $69.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, June 12th. Truist Financial raised their price objective on shares of Microchip Technology from $43.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, May 9th. Rosenblatt Securities raised their price objective on shares of Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Stifel Nicolaus raised their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Wall Street Zen lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Saturday, June 7th. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.53.

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.