Independence Bank of Kentucky Sells 1,214 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Independence Bank of Kentucky lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 70.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 500 shares of the semiconductor company’s stock after selling 1,214 shares during the quarter. Independence Bank of Kentucky’s holdings in Microchip Technology were worth $29,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Pallas Capital Advisors LLC purchased a new position in Microchip Technology during the fourth quarter valued at approximately $5,917,000. Quadrature Capital Ltd purchased a new position in shares of Microchip Technology in the 3rd quarter valued at $3,312,000. Benjamin Edwards Inc. increased its holdings in shares of Microchip Technology by 5,185.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after acquiring an additional 9,230 shares during the period. Empowered Funds LLC raised its position in shares of Microchip Technology by 25.7% in the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after acquiring an additional 19,663 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 1.6 %

MCHP stock opened at $54.30 on Monday. The company has a market capitalization of $29.16 billion, a P/E ratio of 37.97 and a beta of 1.52. Microchip Technology Incorporated has a 12 month low of $53.98 and a 12 month high of $100.57. The firm’s fifty day simple moving average is $59.29 and its 200-day simple moving average is $71.18. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly 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. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s revenue was down 48.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.54 earnings per share. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.31 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several analyst reports. Piper Sandler cut their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Susquehanna reduced their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. The Goldman Sachs Group decreased their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Jefferies Financial Group reduced their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus lowered their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $84.00.

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.