Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Comerica Bank

Comerica Bank trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 12.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 137,853 shares of the semiconductor company's stock after selling 19,966 shares during the quarter. Comerica Bank's holdings in Microchip Technology were worth $7,906,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MCHP. Mainstream Capital Management LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $26,000. Rakuten Securities Inc. increased its stake in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Microchip Technology in the fourth quarter worth $29,000. Financial Life Planners acquired a new stake in shares of Microchip Technology during the fourth quarter worth $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Microchip Technology during the fourth quarter worth $34,000. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm'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 directly owns 33,272 shares of the company's stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MCHP has been the subject of a number of research analyst reports. KeyCorp reduced their target price on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Friday, February 7th. Mizuho raised their price objective on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. UBS Group dropped their target price on Microchip Technology from $70.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Piper Sandler restated an "overweight" rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Stifel Nicolaus dropped their price objective on shares of Microchip Technology from $80.00 to $60.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $66.79.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded up $0.84 during trading on Wednesday, hitting $48.08. The company had a trading volume of 9,565,793 shares, compared to its average volume of 8,286,914. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week 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 stock has a fifty day simple moving average of $47.51 and a two-hundred day simple moving average of $56.95. The firm has a market capitalization of $25.86 billion, a price-to-earnings ratio of 85.86 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results 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%. On average, research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is currently 325.00%.

Microchip Technology Company 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.