Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky reduced its position in Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 8.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,404 shares of the semiconductor company’s stock after selling 234 shares during the quarter. Independence Bank of Kentucky’s holdings in Microchip Technology were worth $217,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. DAVENPORT & Co LLC raised its stake in Microchip Technology by 377.8% in the 4th quarter. DAVENPORT & Co LLC now owns 67,967 shares of the semiconductor company’s stock valued at $6,129,000 after purchasing an additional 53,741 shares during the last quarter. Buck Wealth Strategies LLC raised its stake in Microchip Technology by 19.9% in the 4th quarter. Buck Wealth Strategies LLC now owns 83,671 shares of the semiconductor company’s stock valued at $7,545,000 after purchasing an additional 13,865 shares during the last quarter. Fenimore Asset Management Inc. raised its stake in Microchip Technology by 0.9% in the 4th quarter. Fenimore Asset Management Inc. now owns 1,419,244 shares of the semiconductor company’s stock valued at $127,987,000 after purchasing an additional 12,770 shares during the last quarter. Trust Co. of Oklahoma raised its stake in Microchip Technology by 8.9% in the 4th quarter. Trust Co. of Oklahoma now owns 6,906 shares of the semiconductor company’s stock valued at $623,000 after purchasing an additional 566 shares during the last quarter. Finally, State of Michigan Retirement System increased its stake in shares of Microchip Technology by 7.0% in the 4th quarter. State of Michigan Retirement System now owns 159,718 shares of the semiconductor company’s stock worth $14,403,000 after acquiring an additional 10,500 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $88.14 on Thursday. The stock has a market cap of $47.63 billion, a PE ratio of 20.59, a P/E/G ratio of 2.68 and a beta of 1.65. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.30. The stock has a fifty day simple moving average of $86.28 and a 200-day simple moving average of $83.50.

Microchip Technology (NASDAQ:MCHPGet Free Report) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the business posted $1.48 EPS. Microchip Technology’s revenue for the quarter was down 18.6% on a year-over-year basis. Equities analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.04%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have issued reports on MCHP shares. Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price for the company in a research note on Thursday, January 18th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Susquehanna cut their target price on Microchip Technology from $105.00 to $100.00 and set a “positive” rating for the company in a research note on Friday, February 2nd. Needham & Company LLC raised their target price on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Finally, StockNews.com downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $91.33.

Check Out Our Latest Stock Analysis on MCHP

About Microchip Technology

(Free Report)

Microchip Technology Incorporated develops, manufactures, and sells 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 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.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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