Greenleaf Trust Lowers Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Greenleaf Trust decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 27,604 shares of the semiconductor company’s stock after selling 178 shares during the period. Greenleaf Trust’s holdings in Microchip Technology were worth $2,216,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Financial Counselors Inc. boosted its stake in Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after buying an additional 119 shares during the period. SeaCrest Wealth Management LLC lifted its holdings in shares of Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after acquiring an additional 131 shares during the last quarter. Corundum Group Inc. boosted its stake in shares of Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares during the period. Horizon Bancorp Inc. IN grew its holdings in Microchip Technology by 11.8% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after purchasing an additional 145 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI raised its position in Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after purchasing an additional 148 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

MCHP opened at $75.27 on Thursday. The firm has a market capitalization of $40.38 billion, a PE ratio of 21.69 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. The business’s 50-day moving average is $78.13 and its two-hundred day moving average is $85.90. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating 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 firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business posted $1.56 EPS. The business’s revenue for the quarter was down 45.8% compared to the same quarter last year. Research analysts anticipate that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.41%. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction 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 directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MCHP. Mizuho set a $95.00 target price on Microchip Technology in a research note on Friday, October 18th. Needham & Company LLC cut their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. TD Cowen cut their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Finally, Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $97.89.

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.