Arvest Bank Trust Division Invests $223,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Arvest Bank Trust Division acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the third quarter, HoldingsChannel reports. The institutional investor acquired 2,774 shares of the semiconductor company’s stock, valued at approximately $223,000.

Other large investors have also added to or reduced their stakes in the company. Swedbank AB increased its holdings in shares of Microchip Technology by 78.7% during the second quarter. Swedbank AB now owns 21,493 shares of the semiconductor company’s stock valued at $1,967,000 after acquiring an additional 9,465 shares in the last quarter. Blue Trust Inc. raised its stake in Microchip Technology by 346.8% during the 2nd quarter. Blue Trust Inc. now owns 8,642 shares of the semiconductor company’s stock valued at $775,000 after buying an additional 6,708 shares during the last quarter. Rovin Capital UT ADV lifted its holdings in shares of Microchip Technology by 9.6% during the 2nd quarter. Rovin Capital UT ADV now owns 3,874 shares of the semiconductor company’s stock valued at $354,000 after buying an additional 339 shares during the period. Franklin Street Advisors Inc. NC purchased a new position in shares of Microchip Technology in the 2nd quarter worth $385,000. Finally, Chapin Davis Inc. grew its holdings in shares of Microchip Technology by 20.9% in the second quarter. Chapin Davis Inc. now owns 2,890 shares of the semiconductor company’s stock worth $264,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on MCHP. Piper Sandler lowered their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. TD Cowen dropped their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Jefferies Financial Group cut their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Citigroup lowered their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $90.95.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $61.50 on Friday. The firm has a market capitalization of $33.03 billion, a price-to-earnings ratio of 43.01 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The business has a 50 day simple moving average of $71.16 and a 200-day simple moving average of $80.44. Microchip Technology Incorporated has a 1 year low of $57.96 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the company earned $1.54 earnings per share. Microchip Technology’s revenue was down 48.4% on a year-over-year basis. Equities analysts forecast that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.96%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology’s dividend payout ratio is presently 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.