National Bank of Canada FI Sells 484,553 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

National Bank of Canada FI reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 64.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 269,276 shares of the semiconductor company’s stock after selling 484,553 shares during the period. National Bank of Canada FI’s holdings in Microchip Technology were worth $24,639,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCHP. BKM Wealth Management LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $27,000. Rakuten Securities Inc. bought a new stake in Microchip Technology in the fourth quarter valued at approximately $27,000. Rise Advisors LLC bought a new stake in Microchip Technology in the first quarter valued at approximately $28,000. Pineridge Advisors LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $33,000. Finally, Steph & Co. lifted its stake in Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Trading Up 0.7 %

Microchip Technology stock traded up $0.58 during trading hours on Thursday, reaching $87.15. The company had a trading volume of 5,652,325 shares, compared to its average volume of 5,751,301. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The company has a 50-day moving average price of $93.29 and a 200 day moving average price of $89.44. The firm has a market cap of $46.76 billion, a price-to-earnings ratio of 24.95 and a beta of 1.54. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

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

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. This is an increase 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 2.07%. The ex-dividend date of this dividend was Tuesday, May 21st. Microchip Technology’s dividend payout ratio is presently 52.16%.

Analyst Ratings Changes

Several equities analysts have issued reports on MCHP shares. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price target for the company from $85.00 to $115.00 in a research note on Friday, May 24th. Needham & Company LLC boosted their price target on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Stifel Nicolaus boosted their price target on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. TD Cowen upped their target price on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, May 7th. Finally, 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. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.17.

Insider Activity

In other news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the sale, the vice president now owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Insiders have sold a total of 23,993 shares of company stock valued at $2,251,857 over the last ninety days. 2.07% of the stock is currently owned by corporate insiders.

About Microchip Technology

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.