Bahl & Gaynor Inc. Sells 189 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bahl & Gaynor Inc. decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,801 shares of the semiconductor company’s stock after selling 189 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Microchip Technology were worth $1,148,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Horizon Bancorp Inc. IN purchased a new position in shares of Microchip Technology in the fourth quarter valued at $110,000. Caxton Associates LP grew its position in Microchip Technology by 4,511.5% in the fourth quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after acquiring an additional 391,326 shares in the last quarter. SageView Advisory Group LLC grew its position in Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after acquiring an additional 14,458 shares in the last quarter. RFG Advisory LLC grew its position in Microchip Technology by 228.4% in the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after acquiring an additional 8,931 shares in the last quarter. Finally, AIA Group Ltd grew its position in Microchip Technology by 80.4% in the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after acquiring an additional 13,326 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Down 1.8 %

NASDAQ:MCHP traded down $1.57 during trading hours on Wednesday, reaching $88.14. The company’s stock had a trading volume of 2,610,185 shares, compared to its average volume of 5,713,994. The company has a market capitalization of $47.29 billion, a P/E ratio of 25.57 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. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The stock has a 50 day moving average price of $93.47 and a two-hundred day moving average price of $89.46.

Microchip Technology (NASDAQ:MCHP) last issued 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. The company had revenue of $1.33 billion during 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 for the quarter was down 40.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.56 earnings per share. Equities analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed 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 an increase 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 2.05%. Microchip Technology’s payout ratio is 52.16%.

Insider Transactions at Microchip Technology

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 legal filing with the SEC, which is accessible through the SEC website. 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 legal filing with the SEC, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction on 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 directly owns 79,509 shares in the company, valued at $7,558,125.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,993 shares of company stock valued at $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Truist Financial lifted their price target on Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. KeyCorp lifted their price target on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Stifel Nicolaus boosted their target price on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Susquehanna boosted their target price on Microchip Technology from $105.00 to $115.00 and gave the company a “positive” rating in a research report on Wednesday, July 17th. Finally, Piper Sandler restated a “neutral” rating and set a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $102.17.

Microchip Technology Company 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.