DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main Cuts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 72.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,188 shares of the semiconductor company's stock after selling 5,731 shares during the quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main's holdings in Microchip Technology were worth $125,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Pallas Capital Advisors LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth $5,917,000. Consolidated Planning Corp purchased a new stake in Microchip Technology during the 4th quarter worth about $308,000. one8zero8 LLC purchased a new position in Microchip Technology in the fourth quarter worth approximately $384,000. Symphony Financial Ltd. Co. acquired a new position in shares of Microchip Technology during the fourth quarter worth $520,000. Finally, Truist Financial Corp increased its holdings in shares of Microchip Technology by 5.8% in the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company's stock valued at $55,024,000 after acquiring an additional 52,222 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Up 0.7%

Shares of Microchip Technology stock traded up $0.41 during trading on Friday, reaching $61.21. 6,583,210 shares of the company traded hands, compared to its average volume of 8,521,234. The firm has a market capitalization of $32.97 billion, a PE ratio of 109.30 and a beta of 1.42. The company has a 50 day moving average price of $47.33 and a 200-day moving average price of $56.16. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-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.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company's revenue was down 26.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 earnings per share. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be given a dividend of $0.455 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.97%. Microchip Technology's payout ratio is -18,200.00%.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. The trade was a 10.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on MCHP. Truist Financial increased their price objective on Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a report on Friday, May 9th. Piper Sandler reiterated an "overweight" rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Rosenblatt Securities restated a "buy" rating and set a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 4th. KeyCorp cut their price target on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Friday, February 7th. Finally, Evercore ISI upped their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus target price of $67.42.

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.