Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by 1ST Source Bank

1ST Source Bank reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.4% in the 3rd quarter, Holdings Channel reports. The fund owned 55,698 shares of the semiconductor company’s stock after selling 228 shares during the period. 1ST Source Bank’s holdings in Microchip Technology were worth $4,472,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in Microchip Technology by 0.4% in the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after buying an additional 33,603 shares in the last quarter. Van ECK Associates Corp boosted 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 valued at $599,239,000 after buying an additional 1,597,263 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Microchip Technology by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock worth $407,660,000 after purchasing an additional 103,807 shares during the period. Franklin Resources Inc. increased its stake in Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Microchip Technology by 21.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock valued at $301,797,000 after purchasing an additional 575,087 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 2.3 %

NASDAQ:MCHP traded down $1.40 during trading hours on Friday, hitting $60.10. 972,831 shares of the company traded hands, compared to its average volume of 6,169,477. Microchip Technology Incorporated has a one year low of $57.96 and a one year high of $100.57. The firm’s 50-day simple moving average is $70.84 and its 200-day simple moving average is $80.31. The company has a market cap of $32.27 billion, a PE ratio of 42.12 and a beta of 1.50. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.54 EPS. Equities analysts predict that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. The ex-dividend date was Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.03%. Microchip Technology’s payout ratio is 127.27%.

Analysts Set New Price Targets

Several equities analysts recently commented on MCHP shares. Susquehanna reduced their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Mizuho set a $95.00 price objective on Microchip Technology in a report on Friday, October 18th. KeyCorp decreased their price objective on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, December 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price target on shares of Microchip Technology in a research note on Tuesday, December 3rd. Finally, Piper Sandler cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $90.95.

About Microchip Technology

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.