MainStreet Investment Advisors LLC Reduces Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

MainStreet Investment Advisors LLC decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 147,490 shares of the semiconductor company’s stock after selling 6,141 shares during the quarter. Microchip Technology accounts for about 1.5% of MainStreet Investment Advisors LLC’s investment portfolio, making the stock its 20th largest position. MainStreet Investment Advisors LLC’s holdings in Microchip Technology were worth $13,301,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MCHP. Wealthfront Advisers LLC raised its holdings in Microchip Technology by 40.3% during the third quarter. Wealthfront Advisers LLC now owns 42,296 shares of the semiconductor company’s stock valued at $3,301,000 after acquiring an additional 12,151 shares during the period. New Mexico Educational Retirement Board raised its stake in Microchip Technology by 7.1% during the 3rd quarter. New Mexico Educational Retirement Board now owns 28,500 shares of the semiconductor company’s stock valued at $2,224,000 after purchasing an additional 1,900 shares during the period. WealthPlan Investment Management LLC lifted its holdings in Microchip Technology by 17.5% in the 3rd quarter. WealthPlan Investment Management LLC now owns 44,111 shares of the semiconductor company’s stock worth $3,443,000 after purchasing an additional 6,584 shares in the last quarter. Gilbert & Cook Inc. boosted its stake in Microchip Technology by 10.2% in the 3rd quarter. Gilbert & Cook Inc. now owns 4,933 shares of the semiconductor company’s stock worth $385,000 after purchasing an additional 458 shares during the period. Finally, Olympiad Research LP grew its holdings in Microchip Technology by 70.9% during the 3rd quarter. Olympiad Research LP now owns 4,014 shares of the semiconductor company’s stock valued at $313,000 after buying an additional 1,665 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 2.7 %

Shares of MCHP stock traded up $2.56 during trading hours on Monday, reaching $96.89. 1,091,929 shares of the stock were exchanged, compared to its average volume of 5,469,052. The firm has a market capitalization of $52.36 billion, a price-to-earnings ratio of 27.27, a price-to-earnings-growth ratio of 3.29 and a beta of 1.60. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $96.94. The company’s 50-day moving average price is $89.44 and its 200-day moving average price is $86.53. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the business earned $1.56 earnings per share. The company’s revenue for the quarter was down 40.6% compared to the same quarter last year. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 2.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Tuesday, May 21st. Microchip Technology’s payout ratio is currently 51.87%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MCHP shares. KeyCorp boosted their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Needham & Company LLC boosted their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Citigroup raised their price objective on Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Stifel Nicolaus boosted their target price on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, UBS Group raised their price target on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.39.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the sale, the vice president now owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The disclosure for this sale can be found here. Insiders have sold 19,800 shares of company stock worth $1,818,403 in the last three months. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Company 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.