Busey Bank Sells 1,237 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Busey Bank lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 20.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,766 shares of the semiconductor company’s stock after selling 1,237 shares during the period. Busey Bank’s holdings in Microchip Technology were worth $273,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Swedbank AB boosted its position in Microchip Technology by 6.4% during the fourth quarter. Swedbank AB now owns 37,132 shares of the semiconductor company’s stock worth $2,130,000 after purchasing an additional 2,247 shares during the period. Iams Wealth Management LLC raised its position in shares of Microchip Technology by 38.9% in the fourth quarter. Iams Wealth Management LLC now owns 26,194 shares of the semiconductor company’s stock valued at $1,502,000 after purchasing an additional 7,338 shares during the period. Forsta AP Fonden boosted its holdings in shares of Microchip Technology by 3.9% during the 4th quarter. Forsta AP Fonden now owns 116,200 shares of the semiconductor company’s stock worth $6,664,000 after buying an additional 4,400 shares during the period. Twelve Points Wealth Management LLC boosted its holdings in shares of Microchip Technology by 38.2% during the 4th quarter. Twelve Points Wealth Management LLC now owns 18,556 shares of the semiconductor company’s stock worth $1,064,000 after buying an additional 5,131 shares during the period. Finally, Cascade Investment Advisors Inc. raised its holdings in Microchip Technology by 6.3% in the 4th quarter. Cascade Investment Advisors Inc. now owns 25,555 shares of the semiconductor company’s stock worth $1,466,000 after acquiring an additional 1,505 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $55.16 on Friday. Microchip Technology Incorporated has a twelve month low of $54.18 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’s 50-day simple moving average is $59.77 and its 200 day simple moving average is $71.72. The stock has a market cap of $29.62 billion, a P/E ratio of 38.57 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter last year, the company posted $1.54 EPS. As a group, research analysts forecast that Microchip Technology Incorporated will post 1.31 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.30%. Microchip Technology’s payout ratio is presently 127.27%.

Analyst Upgrades and Downgrades

MCHP has been the subject of a number of recent analyst reports. TD Cowen decreased their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $80.00 to $65.00 in a research note on Monday, December 16th. KeyCorp dropped their price target on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Stifel Nicolaus cut their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $84.00.

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.