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

Cypress Capital Group cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,902 shares of the semiconductor company’s stock after selling 151 shares during the period. Cypress Capital Group’s holdings in Microchip Technology were worth $554,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Prospera Private Wealth LLC bought a new stake in Microchip Technology during the 3rd quarter valued at $29,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology in the 3rd quarter worth about $34,000. Pathway Financial Advisers LLC acquired a new stake in Microchip Technology in the 1st quarter worth about $39,000. Versant Capital Management Inc boosted its holdings in shares of Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the last quarter. Finally, Wolff Wiese Magana LLC boosted its holdings in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 2.1 %

Shares of NASDAQ:MCHP opened at $66.49 on Friday. The company has a 50 day moving average of $74.80 and a 200-day moving average of $83.42. The firm has a market cap of $35.71 billion, a P/E ratio of 46.50 and a beta of 1.53. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business earned $1.54 earnings per share. The business’s quarterly revenue was down 48.4% on a year-over-year basis. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 127.27%.

Analysts Set New Price Targets

A number of analysts have issued reports on MCHP shares. KeyCorp cut their target price on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and set a $95.00 price target (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

About Microchip Technology

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.