Northwestern Mutual Wealth Management Co. reduced its holdings in Microchip Technology Inc. (NASDAQ:MCHP) by 72.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 22,536 shares of the semiconductor company’s stock after selling 58,498 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Microchip Technology were worth $1,870,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Teachers Advisors LLC lifted its position in shares of Microchip Technology by 0.3% during the third quarter. Teachers Advisors LLC now owns 534,215 shares of the semiconductor company’s stock valued at $42,155,000 after purchasing an additional 1,450 shares in the last quarter. Vanguard Group Inc lifted its position in Microchip Technology by 0.9% during the third quarter. Vanguard Group Inc now owns 26,236,361 shares of the semiconductor company’s stock valued at $2,070,312,000 after purchasing an additional 237,329 shares during the last quarter. CWM LLC lifted its holdings in shares of Microchip Technology by 294.9% in the 4th quarter. CWM LLC now owns 774 shares of the semiconductor company’s stock worth $56,000 after acquiring an additional 578 shares during the last quarter. GWM Advisors LLC increased its position in Microchip Technology by 59.5% during the 4th quarter. GWM Advisors LLC now owns 5,029 shares of the semiconductor company’s stock valued at $362,000 after purchasing an additional 1,876 shares during the period. Finally, Keybank National Association OH increased its position in Microchip Technology by 8.5% during the 4th quarter. Keybank National Association OH now owns 30,519 shares of the semiconductor company’s stock valued at $2,195,000 after purchasing an additional 2,393 shares during the period.

Shares of NASDAQ:MCHP opened at $79.75 on Tuesday. Microchip Technology Inc. has a twelve month low of $60.70 and a twelve month high of $104.20. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $19.04 billion, a PE ratio of 13.12, a price-to-earnings-growth ratio of 1.06 and a beta of 1.44.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.08. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the firm earned $1.40 earnings per share. The company’s revenue was up 32.6% on a year-over-year basis. As a group, analysts expect that Microchip Technology Inc. will post 5.6 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 21st will be paid a dividend of $0.3655 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, May 20th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.83%. Microchip Technology’s payout ratio is presently 24.01%.

In related news, VP James Eric Bjornholt sold 2,188 shares of Microchip Technology stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total transaction of $177,206.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director L B. Day sold 3,500 shares of Microchip Technology stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $84.82, for a total value of $296,870.00. Following the sale, the director now directly owns 9,238 shares of the company’s stock, valued at approximately $783,567.16. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

Several research firms have issued reports on MCHP. B. Riley upped their target price on shares of Microchip Technology from $105.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Rosenblatt Securities restated a “buy” rating and set a $115.00 target price on shares of Microchip Technology in a research note on Monday, May 6th. ValuEngine upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Needham & Company LLC upped their target price on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, February 6th. Finally, BidaskClub cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $103.61.

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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; 32-bit microprocessors; 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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