Azimuth Capital Investment Management LLC Sells 6,120 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Azimuth Capital Investment Management LLC decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 49.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,295 shares of the semiconductor company's stock after selling 6,120 shares during the quarter. Azimuth Capital Investment Management LLC's holdings in Microchip Technology were worth $361,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Mainstream Capital Management LLC acquired a new stake in shares of Microchip Technology during the fourth quarter valued at $26,000. Rakuten Securities Inc. boosted its position in Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology in the 4th quarter worth approximately $29,000. Financial Life Planners purchased a new position in shares of Microchip Technology during the 4th quarter worth $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Microchip Technology in the fourth quarter valued at $34,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $0.02 during trading on Tuesday, hitting $38.86. The company had a trading volume of 1,922,257 shares, compared to its average volume of 7,978,224. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $100.57. The company has a market cap of $20.90 billion, a P/E ratio of 69.39 and a beta of 1.51. The business's 50-day moving average is $51.84 and its 200 day moving average is $60.60.

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Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 4.68%. Microchip Technology's dividend payout ratio (DPR) is currently 325.00%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. StockNews.com cut Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Citigroup cut their price target on shares of Microchip Technology from $65.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday. KeyCorp lowered their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Friday, February 7th. Morgan Stanley cut their target price on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Finally, The Goldman Sachs Group cut their price objective on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a report on Friday, January 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $72.68.

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.