Synovus Financial Corp Sells 8,383 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Synovus Financial Corp lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 62,261 shares of the semiconductor company’s stock after selling 8,383 shares during the quarter. Synovus Financial Corp’s holdings in Microchip Technology were worth $3,571,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after acquiring an additional 569,699 shares in the last quarter. Van ECK Associates Corp raised its holdings in Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after purchasing an additional 3,131,807 shares in the last quarter. Invesco Ltd. lifted its position in shares of Microchip Technology by 9.5% during the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock valued at $587,718,000 after buying an additional 890,819 shares during the last quarter. Norges Bank bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $452,627,000. Finally, FIL Ltd raised its stake in shares of Microchip Technology by 9.0% during the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company’s stock worth $451,774,000 after acquiring an additional 653,705 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 0.4 %

MCHP stock opened at $38.88 on Tuesday. The firm’s fifty day moving average is $51.84 and its 200 day moving average is $60.60. The firm has a market cap of $20.91 billion, a PE ratio of 69.43 and a beta of 1.51. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $100.57. 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 (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. On average, research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 4.68%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s payout ratio is presently 325.00%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Citigroup reduced their price target on Microchip Technology from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday. B. Riley reaffirmed a “buy” rating and set a $75.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. TD Cowen boosted their price target on Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Finally, Morgan Stanley decreased their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.68.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.10% of the stock is currently owned by company insiders.

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.