Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Union Savings Bank

Union Savings Bank reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 29.9% during the 4th quarter, HoldingsChannel reports. The firm owned 2,115 shares of the semiconductor company’s stock after selling 902 shares during the quarter. Union Savings Bank’s holdings in Microchip Technology were worth $121,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Ellsworth Advisors LLC lifted its position in Microchip Technology by 4.4% during the fourth quarter. Ellsworth Advisors LLC now owns 30,878 shares of the semiconductor company’s stock worth $1,771,000 after buying an additional 1,305 shares in the last quarter. Clarius Group LLC increased its stake in shares of Microchip Technology by 11.5% in the 4th quarter. Clarius Group LLC now owns 4,298 shares of the semiconductor company’s stock worth $246,000 after acquiring an additional 442 shares during the last quarter. Premier Path Wealth Partners LLC raised its holdings in shares of Microchip Technology by 683.0% during the 4th quarter. Premier Path Wealth Partners LLC now owns 23,554 shares of the semiconductor company’s stock worth $1,351,000 after acquiring an additional 20,546 shares during the period. Sanibel Captiva Trust Company Inc. boosted its position in shares of Microchip Technology by 16.0% during the 4th quarter. Sanibel Captiva Trust Company Inc. now owns 5,311 shares of the semiconductor company’s stock valued at $305,000 after acquiring an additional 732 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC purchased a new stake in shares of Microchip Technology in the fourth quarter valued at about $312,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $57.97 on Monday. The company has a market cap of $31.13 billion, a price-to-earnings ratio of 40.54 and a beta of 1.52. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 52 week low of $54.47 and a 52 week high of $100.57. The company has a fifty day simple moving average of $61.11 and a two-hundred day simple moving average of $73.57.

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 firm 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%. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.54 EPS. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.32 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a $0.455 dividend. This is a boost 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 3.14%. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Analysts Set New Price Targets

A number of equities analysts have commented on MCHP shares. The Goldman Sachs Group reduced their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Susquehanna lowered their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday, November 6th. Mizuho reduced their target price on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Finally, Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and lowered their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average 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.