Camden National Bank Sells 598 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Camden National Bank cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 13.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,966 shares of the semiconductor company’s stock after selling 598 shares during the quarter. Camden National Bank’s holdings in Microchip Technology were worth $227,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Edgestream Partners L.P. raised its position in Microchip Technology by 232.1% in the 4th quarter. Edgestream Partners L.P. now owns 124,125 shares of the semiconductor company’s stock valued at $7,119,000 after buying an additional 86,748 shares during the last quarter. Callan Family Office LLC boosted its position in shares of Microchip Technology by 1,338.9% during the 4th quarter. Callan Family Office LLC now owns 58,133 shares of the semiconductor company’s stock valued at $3,334,000 after acquiring an additional 54,093 shares during the last quarter. E Fund Management Co. Ltd. lifted its holdings in shares of Microchip Technology by 37.8% during the 4th quarter. E Fund Management Co. Ltd. now owns 17,388 shares of the semiconductor company’s stock worth $997,000 after acquiring an additional 4,774 shares during the last quarter. Promus Capital LLC purchased a new position in shares of Microchip Technology in the 4th quarter worth about $130,000. Finally, Proficio Capital Partners LLC bought a new position in Microchip Technology during the fourth quarter valued at approximately $3,818,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MCHP. Morgan Stanley decreased their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. TD Cowen raised their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and cut their target price for the company from $80.00 to $65.00 in a research note on Monday, December 16th. B. Riley restated a “buy” rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, Needham & Company LLC upped their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Trading Up 2.6 %

NASDAQ:MCHP opened at $59.77 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12-month low of $50.21 and a 12-month high of $100.57. The stock has a fifty day moving average price of $56.98 and a 200 day moving average price of $66.68. The firm has a market cap of $32.15 billion, a PE ratio of 106.73 and a beta of 1.52.

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%. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.10% of the company’s stock.

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.