Amalgamated Bank Lowers Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Amalgamated Bank decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 102,744 shares of the semiconductor company’s stock after selling 2,350 shares during the quarter. Amalgamated Bank’s holdings in Microchip Technology were worth $5,892,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth approximately $29,000. Financial Life Planners purchased a new stake in Microchip Technology in the 4th quarter worth $32,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology during the third quarter worth $34,000. Truvestments Capital LLC purchased a new position in Microchip Technology during the third quarter valued at $34,000. Finally, Hobbs Group Advisors LLC grew its position in shares of Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

Microchip Technology stock opened at $57.12 on Friday. The company’s 50 day simple moving average is $56.87 and its 200-day simple moving average is $67.64. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 1 year low of $50.21 and a 1 year high of $100.57. The company has a market capitalization of $30.72 billion, a price-to-earnings ratio of 102.00 and a beta of 1.50.

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

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several research analyst reports. TD Cowen reduced their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. KeyCorp decreased their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Raymond James restated a “strong-buy” rating and set a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Mizuho cut their price objective on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Finally, StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $77.11.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is currently owned by company 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.