Bahl & Gaynor Inc. Sells 285 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bahl & Gaynor Inc. trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 12,990 shares of the semiconductor company’s stock after selling 285 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Microchip Technology were worth $1,171,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MCHP. Horizon Bancorp Inc. IN purchased a new position in shares of Microchip Technology in the fourth quarter worth $110,000. Rockline Wealth Management LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth $4,449,000. 17 Capital Partners LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth $1,827,000. AIA Group Ltd increased its stake in shares of 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 buying an additional 13,326 shares during the period. Finally, GAM Holding AG increased its position in Microchip Technology by 13.9% during the 4th quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock valued at $13,128,000 after purchasing an additional 17,776 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Piper Sandler downgraded shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research report on Thursday, January 4th. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Thursday, January 18th. 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. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. Finally, UBS Group dropped their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $92.50.

Microchip Technology Stock Up 1.5 %

MCHP stock opened at $93.60 on Friday. The business’s 50-day moving average price is $87.24 and its 200-day moving average price is $84.65. The stock has a market cap of $50.58 billion, a P/E ratio of 21.87, a PEG ratio of 2.81 and a beta of 1.65. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.63. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP) last issued 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 company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm’s quarterly revenue was down 18.6% on a year-over-year basis. During the same quarter last year, the company earned $1.48 EPS. On average, equities research analysts forecast that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.45 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a yield of 1.92%. Microchip Technology’s payout ratio is presently 42.06%.

Microchip Technology Company 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.