Union Savings Bank Sells 902 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Union Savings Bank decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 29.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,115 shares of the semiconductor company’s stock after selling 902 shares during the period. Union Savings Bank’s holdings in Microchip Technology were worth $121,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Seven Eight Capital LP acquired a new position in shares of Microchip Technology in the 2nd quarter valued at $424,000. Brighton Jones LLC increased its holdings in shares of Microchip Technology by 5.0% in the second quarter. Brighton Jones LLC now owns 4,287 shares of the semiconductor company’s stock valued at $392,000 after purchasing an additional 203 shares during the period. Ieq Capital LLC raised its stake in shares of Microchip Technology by 9.0% in the second quarter. Ieq Capital LLC now owns 33,846 shares of the semiconductor company’s stock worth $3,097,000 after purchasing an additional 2,799 shares during the last quarter. AE Wealth Management LLC lifted its holdings in shares of Microchip Technology by 377.8% during the second quarter. AE Wealth Management LLC now owns 20,658 shares of the semiconductor company’s stock worth $1,890,000 after purchasing an additional 16,334 shares during the period. Finally, Pacer Advisors Inc. boosted its position in Microchip Technology by 16.0% in the second quarter. Pacer Advisors Inc. now owns 100,287 shares of the semiconductor company’s stock valued at $9,176,000 after buying an additional 13,827 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on MCHP. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price target for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Stifel Nicolaus reduced their target price 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 lowered their price target on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Finally, Piper Sandler decreased their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Microchip Technology Stock Up 3.2 %

Shares of NASDAQ MCHP opened at $57.97 on Monday. Microchip Technology Incorporated has a 52-week low of $54.47 and a 52-week high of $100.57. 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 company’s 50-day simple moving average is $61.11 and its 200-day simple moving average is $73.57. The firm has a market cap of $31.13 billion, a price-to-earnings ratio of 40.54 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results 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 business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s revenue was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.54 earnings per share. Equities analysts predict that Microchip Technology Incorporated will post 1.32 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.14%. The ex-dividend date was Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 127.27%.

About Microchip Technology

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.