Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Simmons Bank

Simmons Bank reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,650 shares of the semiconductor company’s stock after selling 587 shares during the quarter. Simmons Bank’s holdings in Microchip Technology were worth $6,191,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Northern Trust Corp boosted its holdings in Microchip Technology by 1.1% in the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock valued at $587,046,000 after purchasing an additional 80,431 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Microchip Technology by 16.0% in the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after purchasing an additional 714,376 shares in the last quarter. Mizuho Markets Americas LLC acquired a new position in Microchip Technology in the third quarter valued at approximately $225,800,000. Charles Schwab Investment Management Inc. boosted its holdings in Microchip Technology by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,881,646 shares of the semiconductor company’s stock valued at $259,867,000 after purchasing an additional 51,249 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Microchip Technology by 0.5% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company’s stock valued at $221,586,000 after purchasing an additional 11,163 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Citigroup increased their price objective on Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday. KeyCorp lifted their price objective on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday. Stifel Nicolaus increased their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $90.00 price objective (up from $80.00) on shares of Microchip Technology in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $98.47.

Microchip Technology Price Performance

Microchip Technology stock traded down $0.61 during mid-day trading on Wednesday, reaching $91.45. The company had a trading volume of 3,149,428 shares, compared to its average volume of 5,615,420. The stock’s 50-day simple moving average is $88.45 and its 200-day simple moving average is $85.37. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $96.14. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The company has a market capitalization of $49.42 billion, a P/E ratio of 21.51, a P/E/G ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the firm earned $1.56 EPS. The company’s revenue for the quarter was down 40.6% on a year-over-year basis. On average, equities analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.98%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

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.