Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by STAR Financial Bank

STAR Financial Bank trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,374 shares of the semiconductor company’s stock after selling 1,084 shares during the quarter. STAR Financial Bank’s holdings in Microchip Technology were worth $672,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in MCHP. Prospera Private Wealth LLC purchased a new position in Microchip Technology during the third quarter worth about $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology in the third quarter valued at approximately $34,000. Pathway Financial Advisers LLC purchased a new stake in shares of Microchip Technology in the first quarter valued at about $39,000. Versant Capital Management Inc grew its stake in shares of Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares during the last quarter. Finally, Wolff Wiese Magana LLC raised its position in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MCHP. Needham & Company LLC decreased their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. JPMorgan Chase & Co. cut their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Mizuho set a $95.00 target price on Microchip Technology in a research note on Friday, October 18th. Finally, KeyCorp lowered their price objective on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $65.12 on Thursday. The company has a market capitalization of $34.97 billion, a PE ratio of 45.54 and a beta of 1.53. The business has a fifty day moving average price of $75.00 and a 200-day moving average price of $83.54. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period last year, the company earned $1.54 EPS. As a group, equities analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.79%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

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.