Commerce Bank Purchases 6,490 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Commerce Bank boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 4.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 162,817 shares of the semiconductor company's stock after buying an additional 6,490 shares during the quarter. Commerce Bank's holdings in Microchip Technology were worth $9,338,000 at the end of the most recent reporting period.

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

Microchip Technology Stock Up 1.5 %

Microchip Technology stock opened at $38.53 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm's fifty day moving average price is $50.72 and its two-hundred day moving average price is $59.61. The firm has a market capitalization of $20.72 billion, a price-to-earnings ratio of 68.81 and a beta of 1.51. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued 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 return on equity of 12.62% and a net margin of 6.49%. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders 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 4.72%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. StockNews.com cut Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Piper Sandler restated an "overweight" rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Evercore ISI upped their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Rosenblatt Securities reissued a "buy" rating and set a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Finally, Citigroup cut their price target on shares of Microchip Technology from $65.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Two 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 company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $71.26.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.10% of the company's stock.

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.

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