Simmons Bank Sells 1,445 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Simmons Bank lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 63,879 shares of the semiconductor company’s stock after selling 1,445 shares during the period. Simmons Bank’s holdings in Microchip Technology were worth $5,129,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Community Bank & Trust Waco Texas boosted its holdings in Microchip Technology by 0.7% in the third quarter. Community Bank & Trust Waco Texas now owns 59,756 shares of the semiconductor company’s stock valued at $4,798,000 after acquiring an additional 427 shares during the last quarter. Haverford Trust Co boosted its stake in shares of Microchip Technology by 3.3% in the 3rd quarter. Haverford Trust Co now owns 9,067 shares of the semiconductor company’s stock valued at $728,000 after purchasing an additional 293 shares during the last quarter. Empower Advisory Group LLC increased its position 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 worth $279,000 after buying an additional 237 shares during the period. Aigen Investment Management LP bought a new position in Microchip Technology during the third quarter worth $2,391,000. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new position in Microchip Technology during the third quarter worth $400,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MCHP shares. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. B. Riley reduced their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.10% of the company’s stock.

Microchip Technology Trading Down 3.7 %

Shares of Microchip Technology stock opened at $67.30 on Wednesday. The company has a market capitalization of $36.14 billion, a P/E ratio of 47.06 and a beta of 1.53. The stock has a fifty day simple moving average of $76.49 and a 200 day simple moving average of $84.77. Microchip Technology Incorporated has a 12-month low of $66.08 and a 12-month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the company posted $1.54 earnings per share. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.70%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

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.