Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Cypress Capital Group

Cypress Capital Group cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 6,578 shares of the semiconductor company’s stock after selling 324 shares during the period. Cypress Capital Group’s holdings in Microchip Technology were worth $377,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the 3rd quarter valued at $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the 3rd quarter valued at $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the 3rd quarter valued at $34,000. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at $26,000. Finally, Financial Life Planners acquired a new position in shares of Microchip Technology in the 4th quarter valued at $32,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were 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. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Trading Up 2.6 %

Shares of Microchip Technology stock opened at $59.64 on Thursday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm’s 50-day moving average price is $56.95 and its 200 day moving average price is $66.99. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The firm has a market capitalization of $32.08 billion, a PE ratio of 106.50 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 for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Analyst Ratings Changes

Several research firms recently issued reports on MCHP. Morgan Stanley cut their target price on 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. Evercore ISI upped their target price on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday. 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 research report on Wednesday, November 6th. Raymond James reaffirmed a “strong-buy” rating and set a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, TD Cowen increased their price target on Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

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.