Dorsey & Whitney Trust CO LLC Sells 2,747 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Dorsey & Whitney Trust CO LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 41.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,831 shares of the semiconductor company’s stock after selling 2,747 shares during the period. Dorsey & Whitney Trust CO LLC’s holdings in Microchip Technology were worth $220,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MCHP. Pallas Capital Advisors LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $5,917,000. Consolidated Planning Corp bought a new stake in Microchip Technology in the fourth quarter valued at approximately $308,000. Quadrature Capital Ltd bought a new stake in Microchip Technology in the third quarter valued at approximately $3,312,000. Symphony Financial Ltd. Co. bought a new stake in Microchip Technology in the fourth quarter valued at approximately $520,000. Finally, Benjamin Edwards Inc. lifted its position in Microchip Technology by 5,185.4% in the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after purchasing an additional 9,230 shares during 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 subject of several recent research reports. Evercore ISI boosted their price objective on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Piper Sandler reissued an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Morgan Stanley reduced their target price on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Finally, The Goldman Sachs Group reduced their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Trading Down 2.3 %

NASDAQ MCHP opened at $52.24 on Wednesday. Microchip Technology Incorporated has a 12 month low of $50.21 and a 12 month high of $100.57. The stock has a market cap of $28.10 billion, a P/E ratio of 93.29 and a beta of 1.52. The stock’s fifty day moving average price is $56.80 and its 200-day moving average price is $66.17. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

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

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is currently 325.00%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.10% of the company’s stock.

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.