Amalgamated Bank Sells 2,350 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Amalgamated Bank reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 102,744 shares of the semiconductor company’s stock after selling 2,350 shares during the quarter. Amalgamated Bank’s holdings in Microchip Technology were worth $5,892,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth approximately $29,000. Financial Life Planners bought a new stake in Microchip Technology in the fourth quarter worth $32,000. Peterson Financial Group Inc. bought a new stake in Microchip Technology in the third quarter worth $34,000. Truvestments Capital LLC purchased a new position in Microchip Technology during the third quarter worth $34,000. Finally, Hobbs Group Advisors LLC increased its position in Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after acquiring an additional 500 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology 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 completion of the sale, the chief financial officer now directly owns 33,272 shares in the company, 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 Securities & Exchange Commission, which is available at this link. 2.10% of the stock is owned by company insiders.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $57.12 on Friday. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57. The company has a market capitalization of $30.72 billion, a PE ratio of 102.00 and a beta of 1.50. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company has a 50-day simple moving average of $56.87 and a two-hundred day simple moving average of $67.64.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be given a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.19%. Microchip Technology’s payout ratio is 325.00%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MCHP. B. Riley reissued a “buy” rating and issued a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Mizuho dropped their price objective on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a report on Friday, January 10th. KeyCorp reduced their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. Citigroup dropped their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Morgan Stanley decreased their price target on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $77.11.

About Microchip Technology

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.