US Bancorp DE Sells 83,583 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

US Bancorp DE reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 15.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 463,659 shares of the semiconductor company's stock after selling 83,583 shares during the quarter. US Bancorp DE owned 0.09% of Microchip Technology worth $26,591,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Prospera Private Wealth LLC acquired a new position in Microchip Technology during the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology during the third quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in Microchip Technology during the third quarter worth $34,000. Financial Life Planners purchased a new stake in Microchip Technology in the 4th quarter valued at $32,000. Finally, Hobbs Group Advisors LLC raised its position in Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company's stock valued at $50,000 after buying an additional 500 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on MCHP shares. Piper Sandler reiterated an "overweight" rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. KeyCorp dropped their price target on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Friday, February 7th. Bank of America downgraded shares of Microchip Technology from a "neutral" rating to an "underperform" rating and cut their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Rosenblatt Securities reiterated a "buy" rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Thursday, February 6th. Finally, Citigroup cut their target price on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $77.11.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.10% of the company's stock.

Microchip Technology Trading Down 1.5 %

Shares of Microchip Technology stock traded down $0.91 on Monday, hitting $57.95. The stock had a trading volume of 19,505,898 shares, compared to its average volume of 10,014,030. The stock's 50-day simple moving average is $56.94 and its two-hundred day simple moving average is $67.36. Microchip Technology Incorporated has a one year low of $50.21 and a one 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. The stock has a market cap of $31.17 billion, a price-to-earnings ratio of 103.48 and a beta of 1.50.

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

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Monday, February 24th. Microchip Technology's 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.