Spire Wealth Management Sells 1,706 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Spire Wealth Management trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 51.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,634 shares of the semiconductor company’s stock after selling 1,706 shares during the period. Spire Wealth Management’s holdings in Microchip Technology were worth $79,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new position in Microchip Technology during the fourth quarter valued at $26,000. Rakuten Securities Inc. raised its stake in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after buying an additional 359 shares during the period. OFI Invest Asset Management bought a new position in Microchip Technology in the 4th quarter worth $29,000. Garde Capital Inc. purchased a new stake in Microchip Technology during the 1st quarter valued at approximately $30,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth about $34,000. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MCHP shares. Rosenblatt Securities increased their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Stifel Nicolaus raised their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Morgan Stanley boosted their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Evercore ISI upped their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the company an “outperform” rating in a report on Thursday, June 12th. Finally, Wall Street Zen upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, June 27th. Seven investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $70.15.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction dated Friday, May 23rd. The shares were 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 owned 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares of the company’s stock, valued at approximately $210,472.92. This 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 Up 1.9%

Shares of MCHP opened at $71.68 on Wednesday. The stock has a market cap of $38.66 billion, a PE ratio of -7,168.00, a PEG ratio of 2.09 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $96.98. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The stock has a 50 day simple moving average of $59.97 and a 200-day simple moving average of $55.44.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The company’s revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 EPS. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.54%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s payout ratio is -18,200.00%.

Microchip Technology 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.