First United Bank & Trust Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

First United Bank & Trust lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,421 shares of the semiconductor company’s stock after selling 1,435 shares during the period. First United Bank & Trust’s holdings in Microchip Technology were worth $1,573,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Assenagon Asset Management S.A. increased its holdings in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after buying an additional 2,829,082 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Microchip Technology by 2,390.5% during the 2nd 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 purchasing an additional 2,199,290 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 25.1% in the 3rd 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. The Manufacturers Life Insurance Company lifted its stake in Microchip Technology by 78.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in Microchip Technology by 30.2% during 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 during the period. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on MCHP. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Susquehanna dropped their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. Piper Sandler reduced their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Finally, Rosenblatt Securities restated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

Microchip Technology Trading Up 3.2 %

NASDAQ MCHP opened at $57.97 on Tuesday. The stock’s 50-day simple moving average is $61.11 and its two-hundred day simple moving average is $73.57. Microchip Technology Incorporated has a twelve month low of $54.47 and a twelve month high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $31.13 billion, a price-to-earnings ratio of 40.54 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results 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 business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.54 earnings per share. Research analysts forecast that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.14%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s dividend payout ratio is presently 127.27%.

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.