Peapack Gladstone Financial Corp Has $3.82 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Peapack Gladstone Financial Corp lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 20.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 66,642 shares of the semiconductor company’s stock after selling 17,575 shares during the period. Peapack Gladstone Financial Corp’s holdings in Microchip Technology were worth $3,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Mainstream Capital Management LLC bought a new position in Microchip Technology during the fourth quarter worth about $26,000. Rakuten Securities Inc. boosted its stake in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 359 shares during the period. OFI Invest Asset Management acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $29,000. Financial Life Planners bought a new stake in Microchip Technology in the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in Microchip Technology during the 4th quarter valued at $34,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MCHP shares. 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. Piper Sandler restated an “overweight” rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. KeyCorp reduced their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Finally, Morgan Stanley reduced their price target 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. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $74.37.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $38.09 on Tuesday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $20.49 billion, a PE ratio of 68.02 and a beta of 1.51. The firm has a 50 day moving average of $53.90 and a 200-day moving average of $62.38. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57.

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

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 4.78%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Microchip Technology Company 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.