Fifth Third Bancorp Sells 65,719 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Fifth Third Bancorp lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 592,113 shares of the semiconductor company’s stock after selling 65,719 shares during the quarter. Fifth Third Bancorp owned about 0.11% of Microchip Technology worth $33,958,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Assenagon Asset Management S.A. grew its position in Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Microchip Technology by 2,390.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after buying an additional 2,199,290 shares during the period. Van ECK Associates Corp grew its position in 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 worth $599,239,000 after buying an additional 1,597,263 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Microchip Technology by 78.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after acquiring an additional 961,801 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after acquiring an additional 776,408 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 5.3 %

NASDAQ:MCHP opened at $56.39 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 1-year low of $54.47 and a 1-year high of $100.57. The firm has a market capitalization of $30.28 billion, a price-to-earnings ratio of 39.43 and a beta of 1.52. The business’s 50-day moving average price is $60.28 and its two-hundred day moving average price is $72.63.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion for 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%. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period last year, the company posted $1.54 EPS. On average, equities analysts expect that Microchip Technology Incorporated will post 1.31 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a $0.455 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.23%. Microchip Technology’s payout ratio is 127.27%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on MCHP shares. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price objective on shares of Microchip Technology in a report on Tuesday, December 3rd. Susquehanna lowered their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. Piper Sandler cut their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Finally, TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $84.00.

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.