Cypress Capital Group Sells 151 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Cypress Capital Group reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,902 shares of the semiconductor company’s stock after selling 151 shares during the quarter. Cypress Capital Group’s holdings in Microchip Technology were worth $554,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC lifted its position in Microchip Technology by 3.3% in the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares during the last quarter. Corundum Group Inc. grew its stake in Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI grew its stake in Microchip Technology by 4.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after purchasing an additional 148 shares during the period. Busey Bank increased its holdings in shares of Microchip Technology by 2.6% during the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after acquiring an additional 155 shares in the last quarter. Finally, Financial Advocates Investment Management increased its holdings in shares of Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after acquiring an additional 158 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on MCHP shares. TD Cowen reduced their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Rosenblatt Securities reissued a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. Needham & Company LLC decreased their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, B. Riley reduced their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $66.49 on Friday. The business’s 50 day moving average price is $74.80 and its 200-day moving average price is $83.42. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The company has a market cap of $35.71 billion, a P/E ratio of 46.50 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data 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 company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the business earned $1.54 EPS. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. Sell-side analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. 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 2.74%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is presently 127.27%.

Microchip Technology Company 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.