Fulton Bank N.A. Sells 44,056 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Fulton Bank N.A. decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 72.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,838 shares of the semiconductor company's stock after selling 44,056 shares during the quarter. Fulton Bank N.A.'s holdings in Microchip Technology were worth $966,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Prospera Private Wealth LLC bought a new stake in shares of Microchip Technology during the 3rd quarter valued at $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology during the third quarter worth $34,000. Truvestments Capital LLC bought a new stake in Microchip Technology in the third quarter valued at about $34,000. Wolff Wiese Magana LLC lifted its stake in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock valued at $49,000 after buying an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC grew its position in shares of Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company's stock worth $50,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MCHP. Stifel Nicolaus reduced their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a "buy" rating on the stock in a research note on Tuesday, December 3rd. Evercore ISI reiterated an "outperform" rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Citigroup dropped their price target on Microchip Technology from $92.00 to $82.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Truist Financial lowered shares of Microchip Technology from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Finally, Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of "Moderate Buy" and an average price target of $89.63.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded down $1.09 during trading on Thursday, reaching $56.38. 6,226,076 shares of the company traded hands, compared to its average volume of 7,799,313. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 52 week low of $55.27 and a 52 week high of $100.57. The firm has a market capitalization of $30.28 billion, a PE ratio of 39.43 and a beta of 1.52. The company's 50 day moving average is $63.23 and its two-hundred day moving average is $75.24.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the company posted $1.54 earnings per share. The business's revenue for the quarter was down 48.4% on a year-over-year basis. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.23%. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's payout ratio is 127.27%.

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.