Forvis Mazars Wealth Advisors LLC Trims Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Forvis Mazars Wealth Advisors LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 32.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,824 shares of the semiconductor company’s stock after selling 20,856 shares during the period. Forvis Mazars Wealth Advisors LLC’s holdings in Microchip Technology were worth $2,513,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MCHP. Prospera Private Wealth LLC purchased a new position in Microchip Technology during the third quarter worth about $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Financial Life Planners purchased a new position in shares of Microchip Technology during the fourth quarter worth $32,000. Finally, Hobbs Group Advisors LLC grew its stake in shares of Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 500 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MCHP has been the topic of several research reports. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Stifel Nicolaus reduced their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. The Goldman Sachs Group dropped their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, January 10th. 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. Finally, Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Trading Down 5.0 %

MCHP opened at $61.07 on Monday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57. The company has a market cap of $32.84 billion, a P/E ratio of 109.05 and a beta of 1.50. The business’s 50-day simple moving average is $56.70 and its 200-day simple moving average is $68.00.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be paid a dividend of $0.455 per share. The ex-dividend date is Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 2.98%. Microchip Technology’s dividend payout ratio is currently 325.00%.

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.