OLD National Bancorp IN Trims Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

OLD National Bancorp IN trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 72.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,411 shares of the semiconductor company’s stock after selling 64,997 shares during the quarter. OLD National Bancorp IN’s holdings in Microchip Technology were worth $1,400,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology in the third quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new stake in Microchip Technology in the 3rd quarter worth approximately $34,000. Wolff Wiese Magana LLC grew its stake in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC increased its holdings in shares of Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MCHP has been the topic of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $85.00 price target on shares of Microchip Technology in a research report on Tuesday, December 3rd. TD Cowen cut their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $80.00 to $65.00 in a report on Monday, December 16th. Finally, Mizuho reduced their target price on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

Microchip Technology Price Performance

MCHP stock opened at $54.30 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $29.16 billion, a P/E ratio of 37.97 and a beta of 1.52. The business has a 50 day simple moving average of $59.54 and a 200-day simple moving average of $71.60. Microchip Technology Incorporated has a twelve month low of $53.98 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period last year, the firm posted $1.54 EPS. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $0.455 per share. The ex-dividend date of this dividend was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.35%. Microchip Technology’s dividend payout ratio is currently 127.27%.

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.