1ST Source Bank Lowers Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

1ST Source Bank cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,698 shares of the semiconductor company’s stock after selling 228 shares during the period. 1ST Source Bank’s holdings in Microchip Technology were worth $4,472,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC lifted its stake in shares of Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after purchasing an additional 131 shares in the last quarter. Corundum Group Inc. boosted its position in Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after acquiring an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI raised its holdings in Microchip Technology by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after buying an additional 148 shares in the last quarter. Busey Bank increased its holdings in shares of Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after purchasing an additional 155 shares during the period. Finally, Financial Advocates Investment Management lifted its holdings in shares of Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after acquiring an additional 158 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Down 2.3 %

Shares of Microchip Technology stock traded down $1.40 during trading hours on Friday, reaching $60.10. 972,831 shares of the company were exchanged, compared to its average volume of 6,169,477. The stock’s fifty day moving average is $70.84 and its 200 day moving average is $80.31. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a 1 year low of $57.96 and a 1 year high of $100.57. The firm has a market cap of $32.27 billion, a PE ratio of 42.12 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating 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 net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.54 earnings per share. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.03%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s payout ratio is 127.27%.

Analysts Set New Price Targets

A number of brokerages have recently commented on MCHP. Jefferies Financial Group cut their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Mizuho set a $95.00 target price on Microchip Technology in a research report on Friday, October 18th. Needham & Company LLC reissued a “buy” rating and set a $85.00 price objective on shares of Microchip Technology in a report on Tuesday, December 3rd. Stifel Nicolaus lowered their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Finally, TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.95.

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.