Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Lowered by Huntington National Bank

Huntington National Bank cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,387 shares of the semiconductor company’s stock after selling 343 shares during the period. Huntington National Bank’s holdings in Microchip Technology were worth $1,316,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Pathway Financial Advisers LLC bought a new position in Microchip Technology during the 1st quarter valued at $39,000. Versant Capital Management Inc lifted its holdings in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares during the period. TruNorth Capital Management LLC bought a new position in Microchip Technology during the second quarter valued at about $55,000. Wolff Wiese Magana LLC grew its holdings in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares during the period. Finally, Family Firm Inc. bought a new stake in Microchip Technology in the second quarter worth about $62,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

NASDAQ MCHP opened at $62.86 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $33.76 billion, a PE ratio of 43.96 and a beta of 1.53. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57. The company has a 50 day moving average price of $75.88 and a two-hundred day moving average price of $84.33.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping 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 firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the business posted $1.54 earnings per share. The business’s quarterly revenue was down 48.4% on a year-over-year basis. As a group, equities analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.90%. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MCHP. 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. Truist Financial lowered shares of 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 research report on Monday, September 23rd. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Evercore ISI restated an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was 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 of the company’s stock, valued at approximately $2,710,445.50. The trade was a 6.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.10% of the company’s stock.

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.