Microchip Technology Incorporated (NASDAQ:MCHP) Stock Position Trimmed by Commerce Bank

Commerce Bank cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 156,327 shares of the semiconductor company’s stock after selling 866 shares during the quarter. Commerce Bank’s holdings in Microchip Technology were worth $12,551,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Empowered Funds LLC raised its position in shares of Microchip Technology by 25.7% during the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after buying an additional 19,663 shares in the last quarter. Pinnacle Associates Ltd. raised its position in shares of Microchip Technology by 50.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after buying an additional 35,213 shares in the last quarter. Swedbank AB bought a new stake in shares of Microchip Technology during the 1st quarter worth about $1,079,000. Aigen Investment Management LP bought a new stake in shares of Microchip Technology during the 3rd quarter worth about $2,391,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Microchip Technology by 12.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after buying an additional 93,464 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the 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 transaction, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Rosenblatt Securities restated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. Piper Sandler dropped their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Citigroup dropped their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Needham & Company LLC dropped their target price on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Performance

Microchip Technology stock opened at $65.12 on Thursday. The firm’s 50 day simple moving average is $75.00 and its 200-day simple moving average is $83.54. The company has a market cap of $34.97 billion, a P/E ratio of 45.54 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. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The business 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%. The firm’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period last year, the firm posted $1.54 earnings per share. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Microchip Technology Company 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.