Peapack Gladstone Financial Corp Lowers Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Peapack Gladstone Financial Corp cut its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 22.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,217 shares of the semiconductor company's stock after selling 24,101 shares during the period. Peapack Gladstone Financial Corp's holdings in Microchip Technology were worth $6,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of the company. Swedbank AB lifted its holdings in Microchip Technology by 78.7% in the 2nd quarter. Swedbank AB now owns 21,493 shares of the semiconductor company's stock worth $1,967,000 after purchasing an additional 9,465 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Microchip Technology by 346.8% during the second quarter. Blue Trust Inc. now owns 8,642 shares of the semiconductor company's stock worth $775,000 after acquiring an additional 6,708 shares during the last quarter. Chapin Davis Inc. grew its stake in Microchip Technology by 20.9% during the second quarter. Chapin Davis Inc. now owns 2,890 shares of the semiconductor company's stock valued at $264,000 after acquiring an additional 500 shares in the last quarter. Western Financial Corp CA grew its stake in Microchip Technology by 7.2% during the second quarter. Western Financial Corp CA now owns 8,155 shares of the semiconductor company's stock valued at $746,000 after acquiring an additional 545 shares in the last quarter. Finally, BTC Capital Management Inc. increased its holdings in Microchip Technology by 12.2% in the 2nd quarter. BTC Capital Management Inc. now owns 28,246 shares of the semiconductor company's stock valued at $2,585,000 after acquiring an additional 3,071 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of research analyst reports. Citigroup cut their price objective on Microchip Technology from $92.00 to $82.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Jefferies Financial Group dropped their price target on Microchip Technology from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a "buy" rating and set a $85.00 target price on shares of Microchip Technology in a research report on Tuesday, December 3rd. Finally, Piper Sandler cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, November 6th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.95.

Microchip Technology Trading Down 2.6 %

Shares of MCHP traded down $1.57 during mid-day trading on Friday, reaching $59.93. 9,040,132 shares of the company's stock traded hands, compared to its average volume of 6,203,403. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The stock's 50-day moving average is $70.49 and its two-hundred day moving average is $80.04. Microchip Technology Incorporated has a 12 month low of $57.96 and a 12 month high of $100.57. The stock has a market cap of $32.18 billion, a P/E ratio of 41.91 and a beta of 1.50.

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

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.04%. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology's payout ratio is 127.27%.

Microchip Technology 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.