Stock Yards Bank & Trust Co. Purchases 1,607 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Stock Yards Bank & Trust Co. raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 14.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,124 shares of the semiconductor company’s stock after buying an additional 1,607 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Microchip Technology were worth $753,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Van ECK Associates Corp lifted its stake in Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Microchip Technology by 30.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after buying an additional 776,408 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock valued at $243,034,000 after buying an additional 25,872 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after acquiring an additional 2,829,082 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in Microchip Technology by 20.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock worth $220,957,000 after acquiring an additional 460,697 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of MCHP opened at $52.26 on Tuesday. The firm’s fifty day simple moving average is $59.29 and its two-hundred day simple moving average is $71.03. Microchip Technology Incorporated has a 12 month low of $51.37 and a 12 month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $28.06 billion, a P/E ratio of 36.55 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate 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 return on equity of 19.47% and a net margin of 14.22%. The firm’s revenue was down 48.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.54 earnings per share. As a group, analysts predict that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MCHP shares. Piper Sandler decreased their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. TD Cowen lowered 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. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. Citigroup lowered their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Evercore ISI reissued an “outperform” rating and set a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $84.00.

Microchip Technology 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.