Stock Yards Bank & Trust Co. Reduces Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Stock Yards Bank & Trust Co. lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 11,501 shares of the semiconductor company’s stock after selling 873 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Microchip Technology were worth $1,037,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Ziegler Capital Management LLC bought a new position in shares of Microchip Technology during the 3rd quarter worth $3,343,000. DAVENPORT & Co LLC grew its position in shares of Microchip Technology by 3.4% in the 3rd quarter. DAVENPORT & Co LLC now owns 14,226 shares of the semiconductor company’s stock worth $1,110,000 after buying an additional 464 shares during the last quarter. Mach 1 Financial Group LLC bought a new position in shares of Microchip Technology during the 3rd quarter worth approximately $210,000. Private Trust Co. NA lifted its position in Microchip Technology by 2.8% during the third quarter. Private Trust Co. NA now owns 5,675 shares of the semiconductor company’s stock valued at $443,000 after acquiring an additional 157 shares during the last quarter. Finally, Caprock Group LLC boosted its stake in Microchip Technology by 3.6% in the third quarter. Caprock Group LLC now owns 15,891 shares of the semiconductor company’s stock valued at $1,240,000 after acquiring an additional 554 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the topic of a number of recent analyst reports. TD Cowen upped their price target on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. Stifel Nicolaus increased their price target on Microchip Technology from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Truist Financial lowered their price target on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Thursday, January 18th. Finally, Evercore ISI assumed coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.50.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $86.19 on Wednesday. The firm has a market cap of $46.58 billion, a PE ratio of 20.14, a PEG ratio of 2.55 and a beta of 1.65. The firm has a fifty day moving average of $86.61 and a 200 day moving average of $84.46. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.30.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the firm earned $1.48 earnings per share. The business’s revenue was down 18.6% compared to the same quarter last year. As a group, research analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.09%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is 42.06%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.