Praxis Investment Management Inc. Sells 2,580 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Praxis Investment Management Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 26.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,220 shares of the semiconductor company’s stock after selling 2,580 shares during the period. Praxis Investment Management Inc.’s holdings in Microchip Technology were worth $350,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its stake in Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock worth $2,254,000 after acquiring an additional 209 shares during the period. Northwest Bank & Trust Co raised its stake in Microchip Technology by 3.0% during the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company’s stock worth $424,000 after acquiring an additional 217 shares during the period. State of Wyoming raised its position in shares of Microchip Technology by 27.3% during the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company’s stock valued at $75,000 after buying an additional 279 shares during the last quarter. CreativeOne Wealth LLC raised its position in shares of Microchip Technology by 1.0% during 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. raised its position in shares of Microchip Technology by 4.7% during 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. Institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other news, 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 value of $112,396.70. Following the completion of the sale, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology 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 sale, the director now owns 3,468 shares of the company’s stock, valued at $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MCHP shares. Evercore ISI lifted their price objective on shares of Microchip Technology from $69.00 to $83.00 and gave the company an “outperform” rating in a research report on Thursday, June 12th. Rosenblatt Securities lifted their price objective on shares of Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 30th. Citigroup lifted their price objective on shares of Microchip Technology from $55.00 to $68.00 and gave the company a “buy” rating in a research report on Monday, June 9th. UBS Group lifted their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 30th. Finally, B. Riley lifted their price objective on shares of Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, six 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 data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $70.15.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $68.97 on Monday. The firm has a fifty day simple moving average of $55.54 and a two-hundred day simple moving average of $54.93. The stock has a market capitalization of $37.20 billion, a P/E ratio of -6,897.00, a PEG ratio of 2.05 and a beta of 1.48. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week 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 firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business’s revenue was down 26.8% on a year-over-year basis. During the same quarter last year, the business earned $0.57 EPS. On average, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share 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 issued a $0.455 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.64%. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

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.