Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,178 shares of the semiconductor company’s stock after selling 230 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Microchip Technology were worth $240,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of MCHP. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth approximately $29,000. Financial Life Planners acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $32,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Finally, Hobbs Group Advisors LLC raised its stake in shares of Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after buying an additional 500 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Piper Sandler reissued an “overweight” rating and issued a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Evercore ISI reissued an “outperform” rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Morgan Stanley reduced their price objective on 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. Finally, KeyCorp reduced their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $58.86 on Friday. The stock has a market cap of $31.66 billion, a PE ratio of 105.11 and a beta of 1.50. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The stock has a fifty day simple moving average of $56.94 and a 200-day simple moving average of $67.44.

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

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

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.