1ST Source Bank Has $3.08 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

1ST Source Bank lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,680 shares of the semiconductor company’s stock after selling 2,018 shares during the period. 1ST Source Bank’s holdings in Microchip Technology were worth $3,079,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Cibc World Markets Corp increased its position in shares of Microchip Technology by 14.3% during the fourth quarter. Cibc World Markets Corp now owns 96,623 shares of the semiconductor company’s stock worth $5,541,000 after acquiring an additional 12,066 shares in the last quarter. Nicholas Company Inc. increased its position in shares of Microchip Technology by 12.3% during the fourth quarter. Nicholas Company Inc. now owns 390,192 shares of the semiconductor company’s stock worth $22,378,000 after acquiring an additional 42,697 shares in the last quarter. First National Advisers LLC increased its position in shares of Microchip Technology by 2.4% during the fourth quarter. First National Advisers LLC now owns 73,290 shares of the semiconductor company’s stock worth $4,203,000 after acquiring an additional 1,737 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Microchip Technology by 2.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 116,940 shares of the semiconductor company’s stock worth $6,706,000 after acquiring an additional 2,789 shares in the last quarter. Finally, one8zero8 LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth about $384,000. 91.51% of the stock is owned by institutional investors.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the 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 sale, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $53.50 on Monday. The stock has a market capitalization of $28.77 billion, a P/E ratio of 95.54 and a beta of 1.52. 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 firm’s 50 day moving average is $56.51 and its 200 day moving average is $65.58. 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 results on Thursday, February 6th. The semiconductor company reported $0.13 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%. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is currently 325.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Stifel Nicolaus decreased their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. TD Cowen upped their price objective on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 4th. Raymond James reaffirmed a “strong-buy” rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Morgan Stanley reduced their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $74.37.

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.