Commerce Bank Sells 866 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Commerce Bank reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 156,327 shares of the semiconductor company’s stock after selling 866 shares during the period. Commerce Bank’s holdings in Microchip Technology were worth $12,551,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in shares of Microchip Technology by 0.4% during the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after buying an additional 33,603 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after buying an additional 1,597,263 shares during the period. Boston Partners boosted its holdings in shares of Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after buying an additional 736,818 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Microchip Technology by 17.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after buying an additional 673,992 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Microchip Technology by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock worth $407,660,000 after buying an additional 103,807 shares during the period. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 6.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Trading Up 0.4 %

MCHP opened at $65.12 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $34.97 billion, a PE ratio of 45.54 and a beta of 1.53. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The firm has a 50-day moving average price of $75.00 and a two-hundred day moving average price of $83.54.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.54 EPS. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.79%. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Analyst Ratings Changes

Several research firms recently issued reports on MCHP. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. JPMorgan Chase & Co. reduced their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, Mizuho set a $95.00 price objective on shares of Microchip Technology in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $92.00.

About Microchip Technology

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.