Segall Bryant & Hamill LLC Reduces Stake in Microchip Technology Inc. (MCHP)

Segall Bryant & Hamill LLC lessened its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 0.8% during the first quarter, HoldingsChannel reports. The institutional investor owned 623,617 shares of the semiconductor company’s stock after selling 5,236 shares during the period. Microchip Technology makes up 1.3% of Segall Bryant & Hamill LLC’s investment portfolio, making the stock its 11th largest position. Segall Bryant & Hamill LLC’s holdings in Microchip Technology were worth $56,974,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Quadrature Capital Ltd bought a new position in Microchip Technology in the 4th quarter worth about $2,577,000. The Manufacturers Life Insurance Company lifted its stake in Microchip Technology by 33.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 344,263 shares of the semiconductor company’s stock valued at $30,254,000 after acquiring an additional 86,077 shares during the period. Brookmont Capital Management lifted its stake in Microchip Technology by 34.4% during the 4th quarter. Brookmont Capital Management now owns 67,492 shares of the semiconductor company’s stock valued at $5,931,000 after acquiring an additional 17,280 shares during the period. Meadow Creek Investment Management LLC lifted its stake in Microchip Technology by 15.2% during the 4th quarter. Meadow Creek Investment Management LLC now owns 16,874 shares of the semiconductor company’s stock valued at $1,483,000 after acquiring an additional 2,222 shares during the period. Finally, Systematic Financial Management LP bought a new position in Microchip Technology during the 4th quarter valued at about $1,628,000.

MCHP has been the topic of several research analyst reports. ValuEngine cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Zacks Investment Research cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Thursday, April 5th. KeyCorp upgraded shares of Microchip Technology from a “sector weight” rating to an “overweight” rating in a research note on Friday, March 2nd. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their target price for the company from $92.00 to $110.00 in a research note on Monday, March 5th. Finally, Goldman Sachs Group upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their target price for the company from $95.57 to $108.00 in a research note on Thursday, March 8th. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $110.17.



In related news, VP Stephen V. Drehobl sold 4,696 shares of the stock in a transaction that occurred on Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total value of $439,310.80. Following the completion of the sale, the vice president now directly owns 19,711 shares of the company’s stock, valued at approximately $1,843,964.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,308 shares of the stock in a transaction that occurred on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total transaction of $215,913.40. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

Shares of Microchip Technology traded up $0.66, hitting $102.74, during midday trading on Thursday, according to Marketbeat. 21,971 shares of the company’s stock traded hands, compared to its average volume of 2,911,391. Microchip Technology Inc. has a 1 year low of $75.80 and a 1 year high of $104.20. The firm has a market capitalization of $24.07 billion, a P/E ratio of 19.50, a PEG ratio of 1.18 and a beta of 1.13. The company has a quick ratio of 1.43, a current ratio of 1.66 and a debt-to-equity ratio of 0.54.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.13. The company had revenue of $1 billion during the quarter, compared to analyst estimates of $984.80 million. Microchip Technology had a net margin of 6.41% and a return on equity of 38.62%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.16 EPS. equities research analysts anticipate that Microchip Technology Inc. will post 6.18 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, June 4th. Investors of record on Monday, May 21st were issued a $0.3635 dividend. This represents a $1.45 annualized dividend and a yield of 1.42%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Friday, May 18th.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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