Summit Investment Advisors Inc. Lowers Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Summit Investment Advisors Inc. reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 19.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,547 shares of the semiconductor company’s stock after selling 11,042 shares during the period. Summit Investment Advisors Inc.’s holdings in Microchip Technology were worth $2,612,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MCHP. Pallas Capital Advisors LLC purchased a new position in Microchip Technology in the fourth quarter valued at $5,917,000. Consolidated Planning Corp acquired a new stake in Microchip Technology in the 4th quarter valued at about $308,000. one8zero8 LLC purchased a new position in shares of Microchip Technology in the 4th quarter valued at about $384,000. Symphony Financial Ltd. Co. acquired a new position in shares of Microchip Technology during the fourth quarter worth about $520,000. Finally, Truist Financial Corp increased its stake in shares of Microchip Technology by 5.8% during the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock worth $55,024,000 after buying an additional 52,222 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $38.88 on Tuesday. 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 $34.13 and a one year high of $100.57. The company has a 50-day simple moving average of $51.84 and a 200-day simple moving average of $60.60. The stock has a market capitalization of $20.91 billion, a price-to-earnings ratio of 69.43 and a beta of 1.51.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a dividend of $0.455 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.68%. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Insider Buying and Selling

In related 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 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 legal filing with the SEC, which is available at this link. 2.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on MCHP shares. TD Cowen boosted their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Raymond James reiterated a “strong-buy” rating and set a $60.00 target price (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Morgan Stanley cut their price target 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. Piper Sandler reaffirmed an “overweight” rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, B. Riley reissued a “buy” rating and set a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $72.68.

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.