Microchip Technology Incorporated (NASDAQ:MCHP) Stake Reduced by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 86.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 400,574 shares of the semiconductor company’s stock after selling 2,457,080 shares during the quarter. Assenagon Asset Management S.A. owned about 0.07% of Microchip Technology worth $19,392,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after purchasing an additional 569,699 shares in the last quarter. Invesco Ltd. grew its stake in shares of Microchip Technology by 9.5% in the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock worth $587,718,000 after purchasing an additional 890,819 shares in the last quarter. Norges Bank bought a new position in shares of Microchip Technology in the fourth quarter worth $452,627,000. FIL Ltd grew its stake in shares of Microchip Technology by 9.0% in the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company’s stock worth $451,774,000 after purchasing an additional 653,705 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Microchip Technology by 4.7% in the fourth quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company’s stock worth $399,070,000 after purchasing an additional 311,796 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer now directly owns 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director now directly owns 3,468 shares of the company’s stock, valued at $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. Company insiders own 2.10% of the company’s stock.

Microchip Technology Trading Down 3.2%

Shares of NASDAQ MCHP opened at $65.73 on Friday. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98. The company has a market cap of $35.45 billion, a price-to-earnings ratio of 117.38 and a beta of 1.48. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The business has a fifty day simple moving average of $52.78 and a 200-day simple moving average of $54.99.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same period in the prior year, the business posted $0.57 earnings per share. Microchip Technology’s revenue was down 26.8% compared to the same quarter last year. Sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current 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 paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MCHP shares. Rosenblatt Securities increased their price target on Microchip Technology from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Bank of America raised Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research note on Friday, May 9th. Stifel Nicolaus raised their target price on Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 9th. B. Riley raised their target price on Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Citigroup raised their target price on Microchip Technology from $55.00 to $68.00 and gave the company a “buy” rating in a research note on Monday, June 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $69.53.

About Microchip Technology

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.