Legacy Capital Wealth Partners LLC Has $264,000 Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Legacy Capital Wealth Partners LLC trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 42.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,455 shares of the semiconductor company’s stock after selling 4,036 shares during the quarter. Legacy Capital Wealth Partners LLC’s holdings in Microchip Technology were worth $264,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MCHP. Garde Capital Inc. purchased a new stake in shares of Microchip Technology during the 1st quarter worth approximately $30,000. Millstone Evans Group LLC purchased a new stake in shares of Microchip Technology in the fourth quarter valued at about $34,000. Orion Capital Management LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth $41,000. Byrne Asset Management LLC purchased a new stake in shares of Microchip Technology during the first quarter worth about $41,000. Finally, Aster Capital Management DIFC Ltd grew its holdings in Microchip Technology by 399.4% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company’s stock worth $46,000 after buying an additional 647 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $74.30 on Friday. The firm has a market capitalization of $40.10 billion, a price-to-earnings ratio of -7,430.00, a PEG ratio of 2.21 and a beta of 1.52. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $93.31. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The business’s 50-day moving average price is $66.43 and its 200-day moving average price is $56.78.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. 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 prior year, the business posted $0.57 EPS. Microchip Technology’s revenue for the quarter was down 26.8% compared to the same quarter last year. Equities research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology’s dividend payout ratio (DPR) is -18,200.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the 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 sale, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director owned 3,468 shares of the company’s stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on MCHP shares. Morgan Stanley raised their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Evercore ISI increased their price objective on Microchip Technology from $69.00 to $83.00 and gave the company an “outperform” rating in a research report on Thursday, June 12th. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Mizuho increased their target price on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $66.00 price target on shares of Microchip Technology in a research note on Friday, May 9th. Six investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.10.

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.