City Holding Co. Reduces Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

City Holding Co. cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 34,043 shares of the semiconductor company’s stock after selling 2,041 shares during the quarter. City Holding Co.’s holdings in Microchip Technology were worth $1,952,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Van ECK Associates Corp raised its position 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 valued at $599,239,000 after acquiring an additional 1,597,263 shares in the last quarter. Legal & General Group Plc lifted its stake 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 valued at $407,660,000 after purchasing an additional 103,807 shares during the period. Franklin Resources Inc. boosted its holdings in Microchip Technology by 30.2% during the third 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 in the last quarter. Charles Schwab Investment Management Inc. grew its position in Microchip Technology by 0.9% during 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 during the period. Finally, Assenagon Asset Management S.A. increased its holdings in Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after buying an additional 2,829,082 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $57.97 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The stock’s fifty day moving average is $61.11 and its two-hundred day moving average is $73.57. The firm has a market capitalization of $31.13 billion, a P/E ratio of 40.54 and a beta of 1.52. Microchip Technology Incorporated has a fifty-two week low of $54.47 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the company posted $1.54 EPS. The company’s revenue was down 48.4% compared to the same quarter last year. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.32 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.14%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MCHP. Piper Sandler lowered their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Citigroup decreased their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. TD Cowen cut 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 shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $80.00 to $65.00 in a report on Monday, December 16th. Finally, Stifel Nicolaus decreased their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

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.