Cetera Trust Company N.A Sells 3,885 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Cetera Trust Company N.A cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 15.5% during the 4th quarter, HoldingsChannel reports. The fund owned 21,114 shares of the semiconductor company’s stock after selling 3,885 shares during the quarter. Cetera Trust Company N.A’s holdings in Microchip Technology were worth $1,211,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pallas Capital Advisors LLC bought a new position in Microchip Technology in the 4th quarter valued at about $5,917,000. Quadrature Capital Ltd acquired a new stake in Microchip Technology during the 3rd quarter worth approximately $3,312,000. Benjamin Edwards Inc. grew its stake in shares of Microchip Technology by 5,185.4% in the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after purchasing an additional 9,230 shares during the last quarter. Empowered Funds LLC increased its holdings in Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after purchasing an additional 19,663 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Up 0.3 %

Shares of MCHP stock opened at $58.66 on Wednesday. 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 50 day moving average of $60.69 and a 200-day moving average of $73.08. Microchip Technology Incorporated has a 12-month low of $54.47 and a 12-month high of $100.57. The firm has a market cap of $31.50 billion, a P/E ratio of 40.98 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 for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion during 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 company’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter last year, the business earned $1.54 earnings per share. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.31 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $0.455 dividend. The ex-dividend date was 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 dividend yield of 3.10%. Microchip Technology’s payout ratio is 127.27%.

Analyst Ratings Changes

MCHP has been the topic of several analyst reports. The Goldman Sachs Group reduced their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Mizuho cut their price target on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Finally, Stifel Nicolaus cut their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $85.00.

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.