STAR Financial Bank Decreases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

STAR Financial Bank reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,374 shares of the semiconductor company’s stock after selling 1,084 shares during the quarter. STAR Financial Bank’s holdings in Microchip Technology were worth $672,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of Microchip Technology by 0.4% in the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after purchasing an additional 33,603 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after acquiring an additional 1,597,263 shares during the last quarter. Boston Partners raised its stake in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after acquiring an additional 736,818 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Microchip Technology by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after acquiring an additional 673,992 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Microchip Technology by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock worth $407,660,000 after purchasing an additional 103,807 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and cut their price target for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Evercore ISI reissued an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Finally, Susquehanna reduced their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $65.12 on Thursday. The business’s 50-day moving average price is $75.00 and its 200 day moving average price is $83.54. 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 market cap of $34.97 billion, a P/E ratio of 45.54 and a beta of 1.53. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s revenue was down 48.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.54 earnings per share. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is currently owned by corporate insiders.

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.