Microchip Technology Incorporated (NASDAQ:MCHP) Position Reduced by Wilmington Savings Fund Society FSB

Wilmington Savings Fund Society FSB reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 54,903 shares of the semiconductor company’s stock after selling 5,491 shares during the period. Wilmington Savings Fund Society FSB’s holdings in Microchip Technology were worth $3,149,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Prospera Private Wealth LLC bought a new position in Microchip Technology during the third quarter valued at about $29,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology in the 3rd quarter valued at about $34,000. Truvestments Capital LLC bought a new position in shares of Microchip Technology during the 3rd quarter valued at about $34,000. Financial Life Planners acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $32,000. Finally, Wolff Wiese Magana LLC raised its holdings in shares of Microchip Technology by 55.2% in 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 in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $51.89 on Friday. The business has a fifty day simple moving average of $57.71 and a 200 day simple moving average of $69.98. 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 Incorporated has a 1 year low of $50.21 and a 1 year high of $100.57. The firm has a market cap of $27.87 billion, a price-to-earnings ratio of 92.66 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.41% and a net margin of 6.49%. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.3 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.51%. The ex-dividend date is Monday, February 24th. Microchip Technology’s dividend payout ratio is 325.00%.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of research reports. Needham & Company LLC reduced their target price on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating for the company in a report on Friday. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Piper Sandler reaffirmed an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. Finally, Evercore ISI restated an “outperform” rating and set a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $77.11.

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.