Horizon Bancorp Inc. IN Has $79,000 Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Horizon Bancorp Inc. IN trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 16.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,372 shares of the semiconductor company’s stock after selling 278 shares during the quarter. Horizon Bancorp Inc. IN’s holdings in Microchip Technology were worth $79,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the third quarter valued at approximately $29,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology in the third quarter valued at $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the third quarter valued at about $34,000. Wolff Wiese Magana LLC increased its position in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC increased its position in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $55.91 on Tuesday. The company’s 50-day moving average is $62.47 and its 200 day moving average is $74.56. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The company has a market capitalization of $30.02 billion, a P/E ratio of 39.10 and a beta of 1.52. Microchip Technology Incorporated has a fifty-two week low of $54.47 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company earned $1.54 earnings per share. The company’s quarterly revenue was down 48.4% on a year-over-year basis. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date was Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MCHP. Truist Financial downgraded 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 report on Monday, September 23rd. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. 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 report on Wednesday, November 6th. Susquehanna decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group dropped their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.11.

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.