Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by CENTRAL TRUST Co

CENTRAL TRUST Co lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.9% in the 3rd quarter, Holdings Channel reports. The fund owned 11,302 shares of the semiconductor company’s stock after selling 840 shares during the period. CENTRAL TRUST Co’s holdings in Microchip Technology were worth $907,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hennion & Walsh Asset Management Inc. boosted its holdings in Microchip Technology by 2.0% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 49,280 shares of the semiconductor company’s stock valued at $3,957,000 after purchasing an additional 972 shares in the last quarter. Great Lakes Retirement Inc. boosted its stake in shares of Microchip Technology by 99.2% in the third quarter. Great Lakes Retirement Inc. now owns 24,515 shares of the semiconductor company’s stock valued at $1,968,000 after buying an additional 12,210 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Microchip Technology by 8,163.6% during the third quarter. International Assets Investment Management LLC now owns 234,768 shares of the semiconductor company’s stock worth $18,850,000 after acquiring an additional 231,927 shares during the period. Eagle Bay Advisors LLC raised its position in Microchip Technology by 21.6% in the third quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the semiconductor company’s stock worth $134,000 after acquiring an additional 296 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI lifted its holdings in Microchip Technology by 214.6% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 10,917 shares of the semiconductor company’s stock valued at $877,000 after acquiring an additional 7,447 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $76.29 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The firm has a market cap of $40.93 billion, a PE ratio of 21.99 and a beta of 1.52. The firm has a 50 day simple moving average of $78.02 and a 200-day simple moving average of $85.83. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm posted $1.56 EPS. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. On average, equities analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.38%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.07% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of recent analyst reports. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Needham & Company LLC dropped their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Susquehanna decreased their price target on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research note on Monday, October 21st. TD Cowen lowered their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Finally, Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $97.89.

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.