Brookstone Capital Management Cuts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Brookstone Capital Management reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,331 shares of the semiconductor company’s stock after selling 256 shares during the period. Brookstone Capital Management’s holdings in Microchip Technology were worth $658,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Bleakley Financial Group LLC grew its stake in shares of Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock worth $849,000 after acquiring an additional 119 shares during the last quarter. RFG Advisory LLC grew its stake in shares of Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after acquiring an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC grew its stake in shares of Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after acquiring an additional 125 shares during the last quarter. Steph & Co. grew its stake in shares of Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 151 shares during the last quarter. Finally, FFT Wealth Management LLC grew its stake in shares of Microchip Technology by 4.4% in the fourth quarter. FFT Wealth Management LLC now owns 3,730 shares of the semiconductor company’s stock worth $336,000 after acquiring an additional 158 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the sale, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MCHP shares. Evercore ISI started coverage on Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective on the stock. Needham & Company LLC increased their price objective on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Truist Financial increased their price objective on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. B. Riley increased their price objective on Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Susquehanna increased their price objective on Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Stock Up 2.3 %

NASDAQ MCHP opened at $91.50 on Monday. The stock’s 50-day moving average price is $93.02 and its 200-day moving average price is $89.10. The company has a market capitalization of $49.13 billion, a P/E ratio of 26.37 and a beta of 1.55. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm’s quarterly revenue was down 40.6% on a year-over-year basis. During the same quarter last year, the company earned $1.56 EPS. On average, equities research analysts predict that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were paid a $0.452 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.98%. Microchip Technology’s dividend payout ratio is presently 52.16%.

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.