Geneva Capital Management LLC Has $1.95 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Geneva Capital Management LLC lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.0% during the third quarter, Holdings Channel reports. The firm owned 24,246 shares of the semiconductor company’s stock after selling 2,104 shares during the period. Geneva Capital Management LLC’s holdings in Microchip Technology were worth $1,947,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Pathway Financial Advisers LLC bought a new stake in Microchip Technology during the 1st quarter valued at $39,000. Versant Capital Management Inc increased its position in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the last quarter. Wolff Wiese Magana LLC increased its position in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the last quarter. TruNorth Capital Management LLC bought a new position in shares of Microchip Technology in the second quarter worth approximately $55,000. Finally, Family Firm Inc. bought a new position in Microchip Technology during the second quarter valued at approximately $62,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MCHP. B. Riley reduced their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Rosenblatt Securities reissued a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Citigroup lowered their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. reduced their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Stock Performance

MCHP opened at $66.59 on Thursday. The company’s 50 day moving average is $76.31 and its 200 day moving average is $84.58. The company has a market cap of $35.76 billion, a price-to-earnings ratio of 46.57 and a beta of 1.53. Microchip Technology Incorporated has a 12-month low of $65.56 and a 12-month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.54 EPS. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.73%. Microchip Technology’s dividend payout ratio is 127.27%.

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.