Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Associated Banc Corp

Associated Banc Corp trimmed its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 51,290 shares of the semiconductor company’s stock after selling 2,056 shares during the quarter. Associated Banc Corp’s holdings in Microchip Technology were worth $2,941,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Metis Global Partners LLC grew its holdings in shares of Microchip Technology by 1.0% during the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after buying an additional 172 shares in the last quarter. Plato Investment Management Ltd grew its holdings in shares of Microchip Technology by 5.8% during the third quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock valued at $281,000 after buying an additional 191 shares in the last quarter. Empower Advisory Group LLC grew its holdings in shares of Microchip Technology by 7.3% during the third quarter. Empower Advisory Group LLC now owns 3,470 shares of the semiconductor company’s stock valued at $279,000 after buying an additional 237 shares in the last quarter. Coldstream Capital Management Inc. grew its holdings in shares of Microchip Technology by 2.4% during the third quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock valued at $878,000 after buying an additional 260 shares in the last quarter. Finally, EP Wealth Advisors LLC boosted its position in Microchip Technology by 1.8% during the third quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock valued at $1,182,000 after purchasing an additional 264 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on MCHP. KeyCorp reduced their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Stifel Nicolaus reduced their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Morgan Stanley reduced their price objective on 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. Evercore ISI lifted their price objective on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Finally, B. Riley reissued a “buy” rating and set a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Trading Up 3.1 %

Shares of MCHP opened at $53.50 on Friday. Microchip Technology Incorporated has a 12-month low of $50.21 and a 12-month high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $28.77 billion, a price-to-earnings ratio of 95.54 and a beta of 1.52. The stock’s 50-day moving average price is $56.51 and its 200 day moving average price is $65.68.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.40%. Microchip Technology’s dividend payout ratio is currently 325.00%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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.