Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 166,054 shares of the semiconductor company’s stock after purchasing an additional 2,955 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Microchip Technology were worth $13,332,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Pinnacle Associates Ltd. grew its stake in shares of Microchip Technology by 50.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after purchasing an additional 35,213 shares during the period. Swedbank AB purchased a new stake in shares of Microchip Technology during the 1st quarter worth about $1,079,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Microchip Technology by 12.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after purchasing an additional 93,464 shares in the last quarter. Aigen Investment Management LP purchased a new stake in Microchip Technology during the 3rd quarter worth $2,391,000. Finally, SageView Advisory Group LLC grew its stake in Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after purchasing an additional 14,458 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. B. Riley dropped their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Needham & Company LLC reduced their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Down 3.7 %

Shares of NASDAQ:MCHP opened at $67.30 on Wednesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The business has a 50 day simple moving average of $76.49 and a two-hundred day simple moving average of $84.77. Microchip Technology Incorporated has a 1 year low of $66.08 and a 1 year high of $100.57. The firm has a market capitalization of $36.14 billion, a PE ratio of 47.06 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned $1.54 EPS. On average, equities analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.70%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.10% of the company’s stock.

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.