Microchip Technology Incorporated (NASDAQ:MCHP) Position Decreased by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,571 shares of the semiconductor company’s stock after selling 1,178 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Microchip Technology were worth $721,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MCHP. Everence Capital Management Inc. lifted its position in shares of Microchip Technology by 111.7% during the 4th quarter. Everence Capital Management Inc. now owns 9,800 shares of the semiconductor company’s stock valued at $562,000 after acquiring an additional 5,170 shares during the last quarter. Franklin Resources Inc. raised its position in shares of 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 purchasing an additional 776,408 shares during the period. Synovus Financial Corp lifted its holdings in shares of Microchip Technology by 9.6% during the third quarter. Synovus Financial Corp now owns 70,644 shares of the semiconductor company’s stock valued at $5,672,000 after purchasing an additional 6,191 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Microchip Technology by 3.2% in the 3rd quarter. Tidal Investments LLC now owns 36,267 shares of the semiconductor company’s stock valued at $2,912,000 after purchasing an additional 1,108 shares during the period. Finally, Wilmington Savings Fund Society FSB increased its stake in Microchip Technology by 16.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 60,394 shares of the semiconductor company’s stock worth $4,849,000 after purchasing an additional 8,592 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several recent analyst reports. Jefferies Financial Group decreased their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Piper Sandler cut 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. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus reduced their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $89.63.

Microchip Technology Price Performance

NASDAQ MCHP opened at $57.67 on Friday. The company has a market cap of $30.97 billion, a P/E ratio of 40.33 and a beta of 1.50. Microchip Technology Incorporated has a 1 year low of $55.27 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. The company has a fifty day simple moving average of $64.76 and a 200 day simple moving average of $76.21.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the company posted $1.54 earnings per share. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.16%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology’s dividend payout ratio is currently 127.27%.

Microchip Technology Company 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.