Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by NBT Bank N A NY

NBT Bank N A NY decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 36,494 shares of the semiconductor company’s stock after selling 1,839 shares during the period. NBT Bank N A NY’s holdings in Microchip Technology were worth $2,093,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in MCHP. Pallas Capital Advisors LLC acquired a new position in Microchip Technology during the 4th quarter valued at approximately $5,917,000. Consolidated Planning Corp acquired a new position in Microchip Technology during the 4th quarter valued at approximately $308,000. Quadrature Capital Ltd acquired a new position in Microchip Technology during the 3rd quarter valued at approximately $3,312,000. Symphony Financial Ltd. Co. acquired a new position in Microchip Technology during the 4th quarter valued at approximately $520,000. Finally, Benjamin Edwards Inc. boosted its position in Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after purchasing an additional 9,230 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several recent analyst reports. TD Cowen lifted their target price on Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. The Goldman Sachs Group cut their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and cut their target price for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Evercore ISI lifted their target price on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Finally, KeyCorp cut their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Stock Performance

Shares of MCHP opened at $53.45 on Tuesday. The firm’s 50 day moving average is $56.90 and its 200-day moving average is $66.38. The stock has a market capitalization of $28.75 billion, a P/E ratio of 95.45 and a beta of 1.52. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology Incorporated has a 12-month low of $50.21 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) 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%. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is currently 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.