Arvest Bank Trust Division Buys New Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Arvest Bank Trust Division purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,774 shares of the semiconductor company’s stock, valued at approximately $223,000.

Several other institutional investors also recently added to or reduced their stakes in MCHP. Swedbank AB grew its stake in shares of Microchip Technology by 78.7% during the 2nd quarter. Swedbank AB now owns 21,493 shares of the semiconductor company’s stock worth $1,967,000 after acquiring an additional 9,465 shares during the period. Blue Trust Inc. boosted its stake in Microchip Technology by 346.8% in the 2nd quarter. Blue Trust Inc. now owns 8,642 shares of the semiconductor company’s stock worth $775,000 after purchasing an additional 6,708 shares during the period. Rovin Capital UT ADV grew its holdings in Microchip Technology by 9.6% during the 2nd quarter. Rovin Capital UT ADV now owns 3,874 shares of the semiconductor company’s stock valued at $354,000 after buying an additional 339 shares in the last quarter. Franklin Street Advisors Inc. NC bought a new stake in shares of Microchip Technology during the second quarter valued at about $385,000. Finally, Chapin Davis Inc. lifted its holdings in shares of Microchip Technology by 20.9% in the second quarter. Chapin Davis Inc. now owns 2,890 shares of the semiconductor company’s stock worth $264,000 after buying an additional 500 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on MCHP. Jefferies Financial Group decreased their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of Microchip Technology in a research report on Tuesday, December 3rd. Susquehanna decreased their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. Piper Sandler cut their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Finally, StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. One 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. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Stock Performance

Microchip Technology stock opened at $61.50 on Friday. Microchip Technology Incorporated has a 1-year low of $57.96 and a 1-year high of $100.57. The firm has a market cap of $33.03 billion, a P/E ratio of 43.01 and a beta of 1.50. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average of $71.16 and a 200-day moving average of $80.44.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data 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 business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.54 EPS. Sell-side analysts expect that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.96%. Microchip Technology’s dividend payout ratio is 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.