Independence Bank of Kentucky Sells 1,214 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Independence Bank of Kentucky reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 70.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 500 shares of the semiconductor company’s stock after selling 1,214 shares during the period. Independence Bank of Kentucky’s holdings in Microchip Technology were worth $29,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Czech National Bank increased its stake in shares of Microchip Technology by 6.1% in the third quarter. Czech National Bank now owns 109,291 shares of the semiconductor company’s stock worth $8,775,000 after purchasing an additional 6,315 shares in the last quarter. Handelsbanken Fonder AB increased its stake in Microchip Technology by 5.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 236,950 shares of the semiconductor company’s stock worth $19,025,000 after buying an additional 12,558 shares in the last quarter. GAMMA Investing LLC raised its holdings in Microchip Technology by 9.6% during the third quarter. GAMMA Investing LLC now owns 8,361 shares of the semiconductor company’s stock valued at $671,000 after acquiring an additional 730 shares during the period. Value Partners Investments Inc. boosted its stake in shares of Microchip Technology by 13.8% in the third quarter. Value Partners Investments Inc. now owns 22,120 shares of the semiconductor company’s stock worth $1,776,000 after acquiring an additional 2,675 shares during the period. Finally, Fulton Bank N.A. grew its position in shares of Microchip Technology by 5.6% during the third quarter. Fulton Bank N.A. now owns 60,894 shares of the semiconductor company’s stock worth $4,889,000 after purchasing an additional 3,213 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of Microchip Technology in a report on Tuesday, December 3rd. Piper Sandler dropped their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Jefferies Financial Group dropped their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Stifel Nicolaus reduced their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $84.00.

Microchip Technology Price Performance

Shares of MCHP stock opened at $54.30 on Monday. The stock has a 50 day moving average price of $59.29 and a 200 day moving average price of $71.18. The firm has a market capitalization of $29.16 billion, a P/E ratio of 37.97 and a beta of 1.52. 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 52-week low of $53.98 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the firm earned $1.54 earnings per share. The business’s revenue was down 48.4% on a year-over-year basis. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.31 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.35%. The ex-dividend date was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio 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.