Peapack Gladstone Financial Corp Has $6.76 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Peapack Gladstone Financial Corp cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 22.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,217 shares of the semiconductor company’s stock after selling 24,101 shares during the period. Peapack Gladstone Financial Corp’s holdings in Microchip Technology were worth $6,762,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Principal Financial Group Inc. boosted its position 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 raised its stake in shares of 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 acquiring an additional 1,597,263 shares during the last quarter. Legal & General Group Plc boosted its holdings 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 acquiring an additional 103,807 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Microchip Technology by 21.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after acquiring an additional 575,087 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Microchip Technology by 4.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,164,101 shares of the semiconductor company’s stock worth $289,515,000 after acquiring an additional 136,995 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MCHP. Susquehanna reduced their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price target on shares of Microchip Technology in a research report on Tuesday, December 3rd. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Piper Sandler dropped 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 note on Wednesday, November 6th. Finally, StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $90.95.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $59.93 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a 52 week low of $57.96 and a 52 week high of $100.57. The company’s 50 day moving average price is $70.49 and its two-hundred day moving average price is $80.04. The company has a market capitalization of $32.18 billion, a P/E ratio of 41.91 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business posted $1.54 earnings per share. On average, analysts expect that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company 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. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.04%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 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.