First United Bank & Trust Sells 1,435 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

First United Bank & Trust decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 27,421 shares of the semiconductor company’s stock after selling 1,435 shares during the period. First United Bank & Trust’s holdings in Microchip Technology were worth $1,573,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Van ECK Associates Corp lifted its stake in Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after acquiring an additional 1,597,263 shares during the period. Legal & General Group Plc boosted its stake 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 valued at $407,660,000 after purchasing an additional 103,807 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after buying an additional 776,408 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock worth $243,034,000 after buying an additional 25,872 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after buying an additional 2,829,082 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Up 3.2 %

MCHP opened at $57.97 on Tuesday. The firm has a 50 day moving average price of $61.11 and a 200-day moving average price of $73.57. The stock has a market capitalization of $31.13 billion, a price-to-earnings ratio of 40.54 and a beta of 1.52. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a twelve month low of $54.47 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the company posted $1.54 EPS. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. Equities research analysts forecast that Microchip Technology Incorporated will post 1.31 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $0.455 per share. The ex-dividend date was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.14%. Microchip Technology’s payout ratio is 127.27%.

Analyst Ratings Changes

MCHP has been the subject of several research reports. Piper Sandler decreased their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Needham & Company LLC restated a “buy” rating and set a $85.00 target price on shares of Microchip Technology in a report on Tuesday, December 3rd. Mizuho decreased their price target on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Finally, Citigroup dropped their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.