Microchip Technology Incorporated (NASDAQ:MCHP) Stake Trimmed by Fulton Bank N.A.

Fulton Bank N.A. lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 72.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,838 shares of the semiconductor company’s stock after selling 44,056 shares during the quarter. Fulton Bank N.A.’s holdings in Microchip Technology were worth $966,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Van ECK Associates Corp lifted its position in shares of Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. Legal & General Group Plc increased its position in Microchip Technology by 2.4% during the second quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock worth $407,660,000 after buying an additional 103,807 shares during the last quarter. Franklin Resources Inc. raised 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 valued at $264,430,000 after buying an additional 776,408 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Microchip Technology by 21.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after buying an additional 575,087 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Microchip Technology by 4.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,164,101 shares of the semiconductor company’s stock worth $289,515,000 after acquiring an additional 136,995 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MCHP. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Stifel Nicolaus decreased their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. Finally, StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.63.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $56.38 on Thursday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $63.57 and a 200 day moving average price of $75.37. The firm has a market capitalization of $30.28 billion, a PE ratio of 39.43 and a beta of 1.52. Microchip Technology Incorporated has a 12-month low of $55.27 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted 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. 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 during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the company earned $1.54 EPS. Microchip Technology’s revenue was down 48.4% on a year-over-year basis. Research analysts anticipate that Microchip Technology Incorporated will post 1.33 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 given 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 3.23%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

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.