Investors Sell Shares of Microchip Technology (MCHP) on Strength After Insider Selling

Investors sold shares of Microchip Technology (NASDAQ:MCHP) on strength during trading hours on Tuesday following insider selling activity. $24.34 million flowed into the stock on the tick-up and $47.32 million flowed out of the stock on the tick-down, for a money net flow of $22.98 million out of the stock. Of all equities tracked, Microchip Technology had the 30th highest net out-flow for the day. Microchip Technology traded up $0.52 for the day and closed at $94.33Specifically, CFO James Eric Bjornholt sold 2,109 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $84.18, for a total transaction of $177,535.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wade F. Meyercord sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $94.92, for a total value of $474,600.00. Following the sale, the director now owns 29,469 shares of the company’s stock, valued at approximately $2,797,197.48. The disclosure for this sale can be found here. Insiders have sold a total of 40,671 shares of company stock valued at $3,787,776 in the last quarter. Company insiders own 2.13% of the company’s stock.

MCHP has been the topic of several recent research reports. SunTrust Banks raised Microchip Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 2nd. Needham & Company LLC reissued a “buy” rating and set a $130.00 price target on shares of Microchip Technology in a research report on Friday, March 2nd. Bank of America reduced their price target on Microchip Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, February 7th. BidaskClub lowered Microchip Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Finally, Morgan Stanley boosted their price target on Microchip Technology from $96.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 9th. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Microchip Technology has a consensus rating of “Buy” and a consensus price target of $104.61.

The stock has a market cap of $21.75 billion, a PE ratio of 17.68, a P/E/G ratio of 1.14 and a beta of 1.08. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.43.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.13. Microchip Technology had a return on equity of 38.62% and a net margin of 6.41%. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $984.80 million. During the same period in the prior year, the company posted $1.16 EPS. Microchip Technology’s quarterly revenue was up 11.0% on a year-over-year basis. research analysts predict that Microchip Technology will post 5.57 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 4th. Shareholders of record on Monday, May 21st will be given a $0.3635 dividend. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.54%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Friday, May 18th.

Institutional investors and hedge funds have recently made changes to their positions in the business. Barings LLC raised its position in shares of Microchip Technology by 33.2% during the 1st quarter. Barings LLC now owns 8,028,245 shares of the semiconductor company’s stock valued at $13,872,000 after acquiring an additional 2,000,000 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Microchip Technology by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 5,616,587 shares of the semiconductor company’s stock valued at $513,132,000 after acquiring an additional 24,008 shares in the last quarter. Aristotle Capital Management LLC raised its position in shares of Microchip Technology by 5.9% during the 1st quarter. Aristotle Capital Management LLC now owns 5,102,781 shares of the semiconductor company’s stock valued at $466,190,000 after acquiring an additional 285,886 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Microchip Technology by 0.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,140,517 shares of the semiconductor company’s stock valued at $286,918,000 after acquiring an additional 29,390 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Microchip Technology by 18.9% during the 4th quarter. First Trust Advisors LP now owns 1,296,121 shares of the semiconductor company’s stock valued at $113,903,000 after acquiring an additional 205,658 shares in the last quarter.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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