Pinnacle Financial Partners Inc Decreases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Pinnacle Financial Partners Inc cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 82.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,893 shares of the semiconductor company’s stock after selling 137,161 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Microchip Technology were worth $1,675,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at $34,000. Financial Life Planners purchased a new stake in shares of Microchip Technology during the 4th quarter valued at $32,000. Finally, Hobbs Group Advisors LLC increased its position in shares of Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

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

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 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%. Analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders 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 dividend yield of 2.98%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Raymond James reissued a “strong-buy” rating and issued a $60.00 price objective (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Mizuho decreased their price objective on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Evercore ISI reissued an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $77.11.

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.