1ST Source Bank Lowers Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

1ST Source Bank lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 53,680 shares of the semiconductor company’s stock after selling 2,018 shares during the period. 1ST Source Bank’s holdings in Microchip Technology were worth $3,079,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in MCHP. United Bank raised its position in shares of Microchip Technology by 21.0% during the 3rd quarter. United Bank now owns 9,871 shares of the semiconductor company’s stock valued at $793,000 after buying an additional 1,712 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at $548,000. Metis Global Partners LLC raised its position in shares of Microchip Technology by 1.0% during the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after buying an additional 172 shares in the last quarter. OneDigital Investment Advisors LLC grew its holdings in shares of Microchip Technology by 6.7% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,458 shares of the semiconductor company’s stock valued at $358,000 after purchasing an additional 280 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in shares of Microchip Technology by 25.7% during the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after purchasing an additional 19,663 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several recent research reports. Evercore ISI increased their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. The Goldman Sachs Group reduced their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Rosenblatt Securities reaffirmed a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Raymond James reaffirmed a “strong-buy” rating and set a $60.00 target price (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, Mizuho increased their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.10% of the stock is currently owned by insiders.

Microchip Technology Trading Up 3.1 %

NASDAQ:MCHP opened at $53.50 on Monday. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The company’s 50-day simple moving average is $56.51 and its 200 day simple moving average is $65.58. The firm has a market capitalization of $28.77 billion, a P/E ratio of 95.54 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data 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%. As a group, analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s payout ratio is currently 325.00%.

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.