Boltwood Capital Management Lowers Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Boltwood Capital Management trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 37.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 19,264 shares of the semiconductor company’s stock after selling 11,601 shares during the period. Boltwood Capital Management’s holdings in Microchip Technology were worth $933,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MCHP. Consolidated Planning Corp acquired a new position in Microchip Technology in the 4th quarter worth approximately $308,000. one8zero8 LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $384,000. Truist Financial Corp lifted its position in shares of Microchip Technology by 5.8% during the 4th 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 in the last quarter. Vanguard Group Inc. lifted its position in shares of Microchip Technology by 0.8% during the 4th 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 in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock valued at $364,792,000 after purchasing an additional 3,013,162 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Microchip Technology stock opened at $64.67 on Thursday. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The business has a fifty day moving average of $49.29 and a two-hundred day moving average of $54.97. The company has a market cap of $34.88 billion, a P/E ratio of 115.48 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. During the same quarter last year, the business posted $0.57 earnings per share. The business’s revenue for the quarter was down 26.8% on a year-over-year basis. As a group, analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer now directly owns 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several analyst reports. KeyCorp reduced their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Bank of America raised 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. Needham & Company LLC reissued a “buy” rating and set a $66.00 price objective on shares of Microchip Technology in a research report on Friday, May 9th. Finally, UBS Group upped their price target on Microchip Technology from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $67.68.

Microchip Technology Profile

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.