Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by KBC Group NV

KBC Group NV lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 89.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 91,235 shares of the semiconductor company’s stock after selling 741,249 shares during the quarter. KBC Group NV’s holdings in Microchip Technology were worth $7,325,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Plato Investment Management Ltd boosted its holdings in shares of Microchip Technology by 5.8% during the third quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock worth $281,000 after purchasing an additional 191 shares during the last quarter. ICICI Prudential Asset Management Co Ltd grew its holdings in Microchip Technology by 35.1% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 65,023 shares of the semiconductor company’s stock valued at $5,221,000 after buying an additional 16,906 shares during the period. Pinnacle Financial Partners Inc increased its stake in shares of Microchip Technology by 1.8% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 166,054 shares of the semiconductor company’s stock valued at $13,332,000 after acquiring an additional 2,955 shares during the last quarter. Community Bank & Trust Waco Texas lifted its holdings in shares of Microchip Technology by 0.7% during the 3rd quarter. Community Bank & Trust Waco Texas now owns 59,756 shares of the semiconductor company’s stock worth $4,798,000 after acquiring an additional 427 shares during the period. Finally, Haverford Trust Co boosted its position in shares of Microchip Technology by 3.3% in the third quarter. Haverford Trust Co now owns 9,067 shares of the semiconductor company’s stock worth $728,000 after acquiring an additional 293 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.10% of the stock is currently owned by insiders.

Microchip Technology Stock Performance

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 stock has a market cap of $33.76 billion, a P/E ratio of 43.96 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a 50-day moving average of $75.65 and a two-hundred day moving average of $84.12.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the firm earned $1.54 EPS. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. On average, research analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.455 dividend. The ex-dividend date is 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 2.90%. Microchip Technology’s dividend payout ratio is currently 127.27%.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of recent analyst reports. Citigroup cut their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. TD Cowen dropped 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. Mizuho set a $95.00 price objective on Microchip Technology in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

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.