Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Sanibel Captiva Trust Company Inc.

Sanibel Captiva Trust Company Inc. increased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 16.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,311 shares of the semiconductor company’s stock after acquiring an additional 732 shares during the period. Sanibel Captiva Trust Company Inc.’s holdings in Microchip Technology were worth $305,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Pallas Capital Advisors LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth $5,917,000. Quadrature Capital Ltd acquired a new position in Microchip Technology during the third quarter worth about $3,312,000. Benjamin Edwards Inc. grew its position in shares of Microchip Technology by 5,185.4% in the third 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 last quarter. Empowered Funds LLC increased its stake in shares of Microchip Technology by 25.7% during the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Trading Up 3.2 %

Shares of MCHP opened at $57.97 on Monday. Microchip Technology Incorporated has a 12 month low of $54.47 and a 12 month high of $100.57. The stock’s 50-day moving average is $61.11 and its two-hundred day moving average is $73.57. 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 stock has a market cap of $31.13 billion, a PE ratio of 40.54 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.54 EPS. Equities analysts forecast that Microchip Technology Incorporated will post 1.32 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.14%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Mizuho dropped their price target on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Evercore ISI restated an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Piper Sandler lowered their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. KeyCorp reduced their price objective on shares of Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 14th. Finally, Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

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.