Peapack Gladstone Financial Corp Has $3.82 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Peapack Gladstone Financial Corp reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 20.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,642 shares of the semiconductor company's stock after selling 17,575 shares during the period. Peapack Gladstone Financial Corp's holdings in Microchip Technology were worth $3,822,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

MCHP has been the topic of a number of research reports. Piper Sandler reiterated an "overweight" rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Bank of America cut shares of Microchip Technology from a "neutral" rating to an "underperform" rating and decreased their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Morgan Stanley lowered their price target on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 4th. StockNews.com lowered Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Finally, Citigroup reduced their price objective on Microchip Technology from $65.00 to $50.00 and set a "buy" rating for the company in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $72.68.

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Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The stock was 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 in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.10% of the company's stock.

Microchip Technology Price Performance

Microchip Technology stock traded down $0.10 during mid-day trading on Friday, hitting $38.71. 20,658,618 shares of the company were exchanged, compared to its average volume of 7,994,266. The company has a market capitalization of $20.82 billion, a PE ratio of 69.13 and a beta of 1.51. The business has a fifty day moving average of $52.13 and a 200 day moving average of $60.90. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year 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.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is currently 325.00%.

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.