Simmons Bank Sells 587 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Simmons Bank cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 68,650 shares of the semiconductor company’s stock after selling 587 shares during the quarter. Simmons Bank’s holdings in Microchip Technology were worth $6,191,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Commonwealth Equity Services LLC boosted its holdings in Microchip Technology by 8.6% during the third quarter. Commonwealth Equity Services LLC now owns 135,845 shares of the semiconductor company’s stock worth $10,603,000 after purchasing an additional 10,702 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Microchip Technology by 4.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 39,162 shares of the semiconductor company’s stock valued at $3,057,000 after acquiring an additional 1,769 shares in the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of Microchip Technology by 7.1% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,799 shares of the semiconductor company’s stock valued at $453,000 after acquiring an additional 383 shares in the last quarter. Brown Advisory Inc. grew its holdings in shares of Microchip Technology by 2.1% in the 3rd quarter. Brown Advisory Inc. now owns 104,768 shares of the semiconductor company’s stock valued at $8,177,000 after acquiring an additional 2,201 shares in the last quarter. Finally, Concord Wealth Partners grew its holdings in shares of Microchip Technology by 1,871.2% in the 3rd quarter. Concord Wealth Partners now owns 1,025 shares of the semiconductor company’s stock valued at $80,000 after acquiring an additional 973 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 0.7 %

Shares of Microchip Technology stock traded down $0.61 during trading on Wednesday, hitting $91.45. The company’s stock had a trading volume of 3,149,428 shares, compared to its average volume of 5,615,420. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $96.14. The stock has a market cap of $49.42 billion, a price-to-earnings ratio of 21.51, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. The stock has a 50-day moving average price of $88.45 and a two-hundred day moving average price of $85.37.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the firm posted $1.56 earnings per share. Microchip Technology’s revenue for the quarter was down 40.6% on a year-over-year basis. Equities research analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be given a $0.452 dividend. The ex-dividend date is Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 1.98%. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MCHP shares. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Tuesday, January 30th. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Thursday, January 18th. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Susquehanna lifted their price target on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research report on Tuesday. Finally, KeyCorp lifted their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $98.47.

Insider Activity

In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is owned by company insiders.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.