Huntington National Bank Sells 343 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Huntington National Bank decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 16,387 shares of the semiconductor company’s stock after selling 343 shares during the quarter. Huntington National Bank’s holdings in Microchip Technology were worth $1,316,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund grew its position in Microchip Technology by 2,390.5% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after buying an additional 2,199,290 shares in the last quarter. Clearbridge Investments LLC increased its position in shares of Microchip Technology by 18,944.8% during the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after purchasing an additional 1,962,685 shares during the period. Vanguard Group Inc. raised its stake in shares of Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after purchasing an additional 1,921,497 shares in the last quarter. Van ECK Associates Corp lifted its position in Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in Microchip Technology by 425.3% during the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after buying an additional 1,114,962 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Jefferies Financial Group dropped their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Citigroup dropped their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Piper Sandler decreased their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Trading Down 4.2 %

Shares of NASDAQ MCHP opened at $62.86 on Friday. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The company has a 50-day moving average of $75.88 and a two-hundred day moving average of $84.33. The company has a market cap of $33.76 billion, a PE ratio of 43.96 and a beta of 1.53. 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 (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.54 EPS. As a group, equities analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.90%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’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 sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 6.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.10% of the company’s stock.

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.