Sandy Spring Bank Purchases 1,643 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Sandy Spring Bank increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 117,002 shares of the semiconductor company’s stock after buying an additional 1,643 shares during the period. Sandy Spring Bank’s holdings in Microchip Technology were worth $6,710,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Coldstream Capital Management Inc. increased its position in shares of Microchip Technology by 2.4% during the third quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock valued at $878,000 after purchasing an additional 260 shares during the period. EP Wealth Advisors LLC boosted its stake in Microchip Technology by 1.8% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock valued at $1,182,000 after buying an additional 264 shares in the last quarter. Lebenthal Global Advisors LLC boosted its stake in Microchip Technology by 7.3% in the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock valued at $223,000 after buying an additional 266 shares in the last quarter. Leelyn Smith LLC boosted its stake in Microchip Technology by 2.2% in the 3rd quarter. Leelyn Smith LLC now owns 12,401 shares of the semiconductor company’s stock valued at $996,000 after buying an additional 268 shares in the last quarter. Finally, First Commonwealth Financial Corp PA boosted its stake in Microchip Technology by 2.5% in the 3rd quarter. First Commonwealth Financial Corp PA now owns 11,342 shares of the semiconductor company’s stock valued at $911,000 after buying an additional 279 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MCHP has been the topic of several recent analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. The Goldman Sachs Group decreased their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. TD Cowen boosted their price target on Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Finally, Needham & Company LLC boosted their price objective on Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Trading Up 0.7 %

MCHP stock opened at $54.57 on Thursday. The company has a market cap of $29.35 billion, a P/E ratio of 97.45 and a beta of 1.52. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. 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 business has a fifty day moving average of $56.35 and a 200-day moving average of $65.13.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 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 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.34%. Microchip Technology’s dividend payout ratio is presently 325.00%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value 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 represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.10% of the stock is currently owned by corporate insiders.

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.