Horizon Bancorp Inc. IN Reduces Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Horizon Bancorp Inc. IN decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 16.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,372 shares of the semiconductor company’s stock after selling 278 shares during the period. Horizon Bancorp Inc. IN’s holdings in Microchip Technology were worth $79,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new stake in Microchip Technology in the third quarter valued at approximately $29,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology in the 3rd quarter worth about $34,000. Truvestments Capital LLC bought a new position in shares of Microchip Technology during the 3rd quarter valued at about $34,000. Wolff Wiese Magana LLC increased its position 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 valued at $49,000 after purchasing an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC raised its holdings in shares of Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.3 %

Microchip Technology stock opened at $55.91 on Tuesday. The stock has a fifty day moving average of $62.47 and a 200 day moving average of $74.56. The stock has a market cap of $30.02 billion, a PE ratio of 39.10 and a beta of 1.52. Microchip Technology Incorporated has a one year low of $54.47 and a one year 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.

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, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm posted $1.54 earnings per share. The firm’s revenue was down 48.4% compared to the same quarter last year. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $0.455 per share. The ex-dividend date was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.26%. Microchip Technology’s payout ratio is 127.27%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Stifel Nicolaus reduced their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. KeyCorp dropped their target price on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, December 3rd. TD Cowen dropped their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. The Goldman Sachs Group cut their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Piper Sandler lowered their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. One 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.11.

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.