Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Bank OZK

Bank OZK decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,801 shares of the semiconductor company’s stock after selling 283 shares during the period. Bank OZK’s holdings in Microchip Technology were worth $343,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Horizon Bancorp Inc. IN acquired a new position in shares of Microchip Technology during the fourth quarter worth about $110,000. Rockline Wealth Management LLC acquired a new stake in shares of Microchip Technology in the 4th quarter worth approximately $4,449,000. 17 Capital Partners LLC acquired a new stake in shares of Microchip Technology in the 4th quarter worth approximately $1,827,000. AIA Group Ltd grew its holdings in shares of Microchip Technology by 80.4% in the 4th quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after acquiring an additional 13,326 shares during the period. Finally, GAM Holding AG grew its holdings in shares of Microchip Technology by 13.9% in the 4th quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock worth $13,128,000 after acquiring an additional 17,776 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Up 1.5 %

Shares of MCHP traded up $1.39 during trading hours on Friday, hitting $93.60. The stock had a trading volume of 5,621,114 shares, compared to its average volume of 4,575,927. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The firm has a market cap of $50.58 billion, a P/E ratio of 21.87, a P/E/G ratio of 2.86 and a beta of 1.65. The company’s fifty day simple moving average is $87.24 and its 200 day simple moving average is $84.68. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.63.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s quarterly revenue was down 18.6% on a year-over-year basis. During the same period last year, the company posted $1.48 EPS. Equities research analysts forecast that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a $0.45 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. 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 report on Friday, February 2nd. Evercore ISI assumed coverage on Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. Susquehanna reaffirmed a “positive” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Monday, April 8th. Finally, Truist Financial reduced their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, January 9th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.50.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was 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 directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following 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. Corporate insiders own 2.07% of the company’s stock.

About Microchip Technology

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.