CNB Bank Cuts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

CNB Bank decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 15.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 870 shares of the semiconductor company’s stock after selling 161 shares during the quarter. CNB Bank’s holdings in Microchip Technology were worth $78,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Onyx Bridge Wealth Group LLC purchased a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $229,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $124,000. Greenleaf Trust boosted its holdings in Microchip Technology by 2.4% in the fourth quarter. Greenleaf Trust now owns 31,499 shares of the semiconductor company’s stock worth $2,841,000 after purchasing an additional 729 shares during the last quarter. Fidelis Capital Partners LLC boosted its holdings in Microchip Technology by 16.7% in the fourth quarter. Fidelis Capital Partners LLC now owns 4,883 shares of the semiconductor company’s stock worth $440,000 after purchasing an additional 697 shares during the last quarter. Finally, AIA Group Ltd boosted its holdings in Microchip Technology by 80.4% in the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after purchasing an additional 13,326 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

MCHP stock traded down $2.53 during mid-day trading on Friday, hitting $81.68. The company had a trading volume of 6,912,273 shares, compared to its average volume of 4,081,499. The company has a 50-day moving average price of $86.50 and a 200 day moving average price of $84.27. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $44.14 billion, a price-to-earnings ratio of 19.08, a P/E/G ratio of 2.57 and a beta of 1.65. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.30.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business’s revenue was down 18.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.48 EPS. On average, research analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.20%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is currently 42.06%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MCHP shares. Truist Financial dropped their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. The Goldman Sachs Group dropped their target price on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Stifel Nicolaus raised their target price on shares of Microchip Technology from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Tuesday, January 30th. Finally, Susquehanna reissued a “positive” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Monday, April 8th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.50.

Insider Activity at Microchip Technology

In related news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by insiders.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.