Fifth Third Bancorp Sells 65,719 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Fifth Third Bancorp lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 10.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 592,113 shares of the semiconductor company’s stock after selling 65,719 shares during the period. Fifth Third Bancorp’s holdings in Microchip Technology were worth $33,958,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MCHP. Prospera Private Wealth LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at approximately $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology in the third quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the third quarter worth $34,000. Wolff Wiese Magana LLC boosted its holdings in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC grew its position in Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on MCHP. The Goldman Sachs Group cut their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Piper Sandler reduced their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Stifel Nicolaus lowered their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. Finally, Citigroup lowered their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $84.00.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $56.39 on Friday. The business’s 50 day moving average is $60.28 and its 200-day moving average is $72.63. The firm has a market cap of $30.28 billion, a P/E ratio of 39.43 and a beta of 1.52. Microchip Technology Incorporated has a 1-year low of $54.47 and a 1-year 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.

Microchip Technology (NASDAQ:MCHP) last posted 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s revenue was down 48.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.54 earnings per share. Equities research analysts predict that Microchip Technology Incorporated will post 1.31 earnings per share for the current 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 issued a $0.455 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.23%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 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.