Geneva Capital Management LLC Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Geneva Capital Management LLC decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 22,626 shares of the semiconductor company’s stock after selling 1,620 shares during the period. Geneva Capital Management LLC’s holdings in Microchip Technology were worth $1,298,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new stake in Microchip Technology during the 4th quarter worth $26,000. Prospera Private Wealth LLC purchased a new stake in Microchip Technology during the 3rd quarter worth $29,000. Financial Life Planners purchased a new stake in Microchip Technology during the 4th quarter worth $32,000. Peterson Financial Group Inc. purchased a new stake in Microchip Technology during the 3rd quarter worth $34,000. Finally, Truvestments Capital LLC purchased a new stake in Microchip Technology during the 3rd quarter worth $34,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. TD Cowen lifted their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday. Raymond James reissued a “strong-buy” rating and issued a $60.00 target price (down previously from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Stifel Nicolaus dropped their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Finally, Mizuho boosted their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Trading Down 2.3 %

NASDAQ MCHP opened at $58.26 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company has a 50-day simple moving average of $56.95 and a 200-day simple moving average of $66.93. The firm has a market capitalization of $31.33 billion, a PE ratio of 104.04 and a beta of 1.52. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Microchip Technology Company Profile

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.