Cullen Frost Bankers Inc. Lowers Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Cullen Frost Bankers Inc. reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 52.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 678 shares of the semiconductor company’s stock after selling 745 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Microchip Technology were worth $39,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mainstream Capital Management LLC purchased a new stake in Microchip Technology in the 4th quarter valued at $26,000. Prospera Private Wealth LLC purchased a new stake in Microchip Technology in the 3rd quarter valued at $29,000. Financial Life Planners purchased a new stake in Microchip Technology in the 4th quarter valued at $32,000. Peterson Financial Group Inc. purchased a new stake in Microchip Technology in the 3rd quarter valued at $34,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MCHP shares. KeyCorp decreased their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Raymond James reaffirmed a “strong-buy” rating and set a $60.00 target price (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. 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, February 7th. Needham & Company LLC raised their target price on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Finally, B. Riley reaffirmed a “buy” rating and set a $75.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Stock Up 2.6 %

Shares of NASDAQ MCHP opened at $59.77 on Monday. Microchip Technology Incorporated has a 52 week low of $50.21 and a 52 week high of $100.57. The business has a 50-day simple moving average of $56.98 and a two-hundred day simple moving average of $66.56. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The company has a market cap of $32.15 billion, a P/E ratio of 106.73 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.05%. Microchip Technology’s dividend payout ratio is currently 325.00%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.10% of the stock is owned by corporate insiders.

Microchip Technology 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.