SeaCrest Wealth Management LLC Trims Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

SeaCrest Wealth Management LLC lowered its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 11.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,016 shares of the semiconductor company’s stock after selling 511 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Microchip Technology were worth $360,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $672,196,000. Truist Financial Corp grew its position in shares of Microchip Technology by 324.0% during the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after buying an additional 1,386,924 shares in the last quarter. Corient Private Wealth LLC increased its stake in shares of Microchip Technology by 76.6% during the fourth quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock valued at $184,251,000 after buying an additional 886,068 shares during the period. Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 16.0% in the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after acquiring an additional 714,376 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in Microchip Technology by 173.4% in the third quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after acquiring an additional 673,924 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 1.7 %

NASDAQ MCHP opened at $93.58 on Thursday. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The firm has a market cap of $50.24 billion, a PE ratio of 26.97 and a beta of 1.54. The company has a 50 day moving average price of $93.30 and a 200 day moving average price of $89.09. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. Microchip Technology’s revenue was down 40.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.56 EPS. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were paid a $0.452 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a yield of 1.93%. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Analyst Ratings Changes

MCHP has been the subject of several recent research reports. Evercore ISI initiated coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target for the company. Susquehanna boosted their price target on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a report on Tuesday, May 7th. Truist Financial boosted their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. TD Cowen boosted their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, May 7th. Finally, KeyCorp boosted their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $101.06.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The sale 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 the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the transaction, the vice president now directly 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 90 days, insiders sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is owned by company insiders.

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.