Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,559 shares of the semiconductor company’s stock after selling 454 shares during the period. Gulf International Bank UK Ltd’s holdings in Microchip Technology were worth $2,440,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter worth about $29,000. Financial Life Planners acquired a new stake in shares of Microchip Technology in the fourth quarter worth approximately $32,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology in the third quarter worth approximately $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the third quarter worth approximately $34,000. Finally, Hobbs Group Advisors LLC boosted its position in shares of Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 500 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was 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 $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MCHP. Susquehanna decreased their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Piper Sandler reissued an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Citigroup decreased their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. The Goldman Sachs Group decreased their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Finally, Raymond James restated a “strong-buy” rating and issued a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Stock Up 3.0 %

Shares of Microchip Technology stock opened at $58.86 on Friday. Microchip Technology Incorporated has a 1-year low of $50.21 and a 1-year high of $100.57. The company has a market capitalization of $31.66 billion, a PE ratio of 105.11 and a beta of 1.50. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The business has a 50-day moving average of $56.94 and a 200-day moving average of $67.52.

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

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Microchip Technology 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.