Microchip Technology Incorporated (NASDAQ:MCHP) Stock Holdings Lifted by United Bank

United Bank increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 32.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,030 shares of the semiconductor company’s stock after acquiring an additional 3,159 shares during the quarter. United Bank’s holdings in Microchip Technology were worth $747,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MCHP. Vanguard Group Inc. lifted its holdings in shares of Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock valued at $3,952,123,000 after purchasing an additional 569,699 shares in the last quarter. Van ECK Associates Corp lifted its stake in Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after acquiring an additional 3,131,807 shares in the last quarter. Norges Bank acquired a new stake in Microchip Technology during the 4th quarter worth about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after acquiring an additional 3,912,895 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Microchip Technology by 12.8% in the 4th quarter. California Public Employees Retirement System now owns 3,706,403 shares of the semiconductor company’s stock valued at $212,562,000 after purchasing an additional 419,912 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $48.70 on Friday. The company has a market cap of $26.19 billion, a P/E ratio of 86.96 and a beta of 1.52. Microchip Technology Incorporated has a 12 month low of $48.27 and a 12 month high of $100.57. The business’s 50 day moving average is $55.65 and its two-hundred day moving average is $63.90. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last posted 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%. On average, equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.74%. Microchip Technology’s dividend payout ratio is currently 325.00%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research reports. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. KeyCorp cut their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Needham & Company LLC boosted their price target on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Piper Sandler reaffirmed an “overweight” rating and set a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Morgan Stanley reduced their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Company 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.