LGT Group Foundation Has $285,000 Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

LGT Group Foundation trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 92.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,179 shares of the semiconductor company’s stock after selling 41,099 shares during the period. LGT Group Foundation’s holdings in Microchip Technology were worth $285,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of MCHP. Norges Bank acquired a new position in Microchip Technology during the fourth quarter valued at $672,196,000. Clearbridge Investments LLC increased its position in Microchip Technology by 18,944.8% in the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after purchasing an additional 1,962,685 shares during the last quarter. Vanguard Group Inc. increased its position in Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the last quarter. Truist Financial Corp increased its position in Microchip Technology by 324.0% in the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after purchasing an additional 1,386,924 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in Microchip Technology by 17.2% in the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock worth $544,388,000 after purchasing an additional 891,297 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

NASDAQ:MCHP traded up $0.69 during mid-day trading on Friday, hitting $85.72. 1,469,332 shares of the company’s stock traded hands, compared to its average volume of 5,753,644. The firm has a 50 day moving average of $93.11 and a two-hundred day moving average of $89.41. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The firm has a market capitalization of $45.99 billion, a price-to-earnings ratio of 24.94 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the company earned $1.56 EPS. The company’s quarterly revenue was down 40.6% on a year-over-year basis. On average, equities analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a $0.452 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 2.11%. Microchip Technology’s dividend payout ratio is presently 51.87%.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several research reports. KeyCorp upped their target price on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Jefferies Financial Group initiated coverage on Microchip Technology in a research report on Monday, May 13th. They issued a “buy” rating and a $115.00 target price on the stock. B. Riley upped their target price on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Piper Sandler reiterated a “neutral” rating and set a $90.00 price target (up previously from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Finally, TD Cowen upped their price target on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, May 7th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.17.

Insider Transactions at Microchip Technology

In other news, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,993 shares of company stock valued at $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.