Massachusetts Financial Services Co. MA Sells 151,237 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Massachusetts Financial Services Co. MA reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 15.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 818,908 shares of the semiconductor company’s stock after selling 151,237 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.15% of Microchip Technology worth $39,643,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. Federated Hermes Inc. boosted its position in Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock valued at $2,254,000 after buying an additional 209 shares during the period. Northwest Bank & Trust Co increased its holdings in Microchip Technology by 3.0% in 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 in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Microchip Technology by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company’s stock valued at $2,238,000 after acquiring an additional 230 shares during the last quarter. Greenleaf Trust lifted its position in Microchip Technology by 1.0% in the first quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company’s stock worth $1,207,000 after buying an additional 242 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC lifted its position in Microchip Technology by 3.4% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company’s stock worth $405,000 after buying an additional 276 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on MCHP shares. Truist Financial lifted their target price on Microchip Technology from $52.00 to $64.00 and gave the company a “hold” rating in a research note on Wednesday, June 18th. Wall Street Zen raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, June 27th. Citigroup upped their price target on Microchip Technology from $68.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, July 7th. Cantor Fitzgerald assumed coverage on Microchip Technology in a research note on Wednesday, June 18th. They set a “neutral” rating and a $70.00 price target on the stock. Finally, Stifel Nicolaus lifted their price objective on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Six investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $75.10.

Microchip Technology Stock Down 0.2%

NASDAQ:MCHP opened at $74.30 on Friday. The firm has a market cap of $40.10 billion, a PE ratio of -7,430.00, a price-to-earnings-growth ratio of 2.21 and a beta of 1.52. The company has a 50-day moving average of $66.43 and a 200 day moving average of $56.78. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $93.31. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm had revenue of $970.50 million for the quarter, compared to analysts’ expectations of $962.86 million. During the same quarter last year, the company earned $0.57 EPS. The firm’s revenue for the quarter was down 26.8% compared to the same quarter last year. As a group, research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology’s dividend payout ratio is presently -18,200.00%.

Microchip Technology Company 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.