King Luther Capital Management Corp Sells 286 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

King Luther Capital Management Corp trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 3,281 shares of the semiconductor company’s stock after selling 286 shares during the quarter. King Luther Capital Management Corp’s holdings in Microchip Technology were worth $296,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MCHP. Bleakley Financial Group LLC raised its position in Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after purchasing an additional 119 shares in the last quarter. RFG Advisory LLC raised its holdings in shares of Microchip Technology by 3.2% during the 4th quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after buying an additional 123 shares in the last quarter. Twelve Points Wealth Management LLC lifted its position in shares of Microchip Technology by 1.0% during the 4th quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after buying an additional 125 shares during the last quarter. Merit Financial Group LLC boosted its stake in Microchip Technology by 1.9% in the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock valued at $554,000 after buying an additional 134 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC boosted its stake in Microchip Technology by 3.5% in the third quarter. Dorsey & Whitney Trust CO LLC now owns 4,458 shares of the semiconductor company’s stock valued at $348,000 after buying an additional 150 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the sale, the vice president now directly owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The disclosure for this sale can be found here. Insiders have sold 21,018 shares of company stock valued at $1,971,856 in the last ninety days. 2.07% of the stock is owned by company insiders.

Microchip Technology Price Performance

Microchip Technology stock opened at $98.23 on Friday. The firm has a market cap of $53.08 billion, a P/E ratio of 28.31, a P/E/G ratio of 3.43 and a beta of 1.60. The stock’s 50 day moving average is $90.19 and its 200 day moving average is $87.24. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the company earned $1.56 EPS. The company’s revenue for the quarter was down 40.6% on a year-over-year basis. As a group, research analysts expect that Microchip Technology Incorporated will post 2.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be given a $0.452 dividend. The ex-dividend date is Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 1.84%. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. UBS Group boosted their target price on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Stifel Nicolaus upped their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Citigroup raised their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $85.00 to $115.00 in a report on Friday. Finally, TD Cowen raised their price objective on Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $101.06.

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.