Silvercrest Asset Management Group LLC Sells 420,211 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Silvercrest Asset Management Group LLC trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 31.2% during the fourth quarter, Holdings Channel reports. The firm owned 926,491 shares of the semiconductor company’s stock after selling 420,211 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Microchip Technology were worth $53,134,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of MCHP. Park Avenue Securities LLC raised its holdings in shares of Microchip Technology by 31.7% in the 4th quarter. Park Avenue Securities LLC now owns 62,418 shares of the semiconductor company’s stock valued at $3,580,000 after purchasing an additional 15,041 shares during the period. Godsey & Gibb Inc. raised its holdings in shares of Microchip Technology by 2.8% in the 4th quarter. Godsey & Gibb Inc. now owns 257,334 shares of the semiconductor company’s stock valued at $14,758,000 after purchasing an additional 6,953 shares during the period. Rovin Capital UT ADV raised its holdings in shares of Microchip Technology by 47.4% in the 4th quarter. Rovin Capital UT ADV now owns 7,160 shares of the semiconductor company’s stock valued at $411,000 after purchasing an additional 2,303 shares during the period. Legacy Wealth Asset Management LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $312,000. Finally, Sanibel Captiva Trust Company Inc. raised its holdings in shares of Microchip Technology by 16.0% in the 4th quarter. Sanibel Captiva Trust Company Inc. now owns 5,311 shares of the semiconductor company’s stock valued at $305,000 after purchasing an additional 732 shares during the period. 91.51% of the stock is owned by institutional investors.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on MCHP shares. Bank of America raised shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price target on the stock in a report on Friday, May 9th. Rosenblatt Securities reissued a “buy” rating and issued a $70.00 price target on shares of Microchip Technology in a report on Tuesday, March 4th. UBS Group increased their price target on shares of Microchip Technology from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, May 9th. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Finally, TD Cowen increased their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $67.42.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $60.80 on Friday. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm has a market capitalization of $32.75 billion, a P/E ratio of 108.57 and a beta of 1.42. The company’s 50 day moving average price is $47.33 and its two-hundred day moving average price is $56.16.

Microchip Technology (NASDAQ:MCHP) last issued its 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 net margin of 6.49% and a return on equity of 12.62%. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same quarter last year, the business posted $0.57 earnings per share. The company’s quarterly revenue was down 26.8% on a year-over-year basis. On average, equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.99%. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

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.