Plimoth Trust Co. LLC Lowers Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Plimoth Trust Co. LLC decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.3% during the third quarter, Holdings Channel.com reports. The firm owned 11,895 shares of the semiconductor company’s stock after selling 660 shares during the period. Plimoth Trust Co. LLC’s holdings in Microchip Technology were worth $955,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in MCHP. Steph & Co. grew its position in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the period. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology during the 1st quarter valued at about $39,000. Richardson Capital Management LLC purchased a new position in shares of Microchip Technology in the 1st quarter valued at about $45,000. Versant Capital Management Inc raised its holdings in Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the period. Finally, Wolff Wiese Magana LLC raised its holdings in Microchip Technology by 55.2% in the 3rd 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 period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Needham & Company LLC cut their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Morgan Stanley cut shares of 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 research report on Thursday, July 11th. JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Susquehanna reduced their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a research report on Monday. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $97.89.

Insider Activity

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

Microchip Technology Trading Down 2.8 %

Microchip Technology stock traded down $2.16 during trading on Monday, reaching $75.18. 4,727,359 shares of the company were exchanged, compared to its average volume of 5,969,416. The stock’s 50 day simple moving average is $78.29 and its two-hundred day simple moving average is $86.14. The company has a market capitalization of $40.33 billion, a P/E ratio of 22.29 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping 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 business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the firm earned $1.56 EPS. The company’s quarterly revenue was down 45.8% compared to the same quarter last year. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a $0.454 dividend. This represents a $1.82 annualized dividend and a yield of 2.42%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

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.