Central Pacific Bank Trust Division Sells 4,915 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Central Pacific Bank Trust Division trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 26.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 13,749 shares of the semiconductor company’s stock after selling 4,915 shares during the period. Central Pacific Bank Trust Division’s holdings in Microchip Technology were worth $1,104,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in shares of Microchip Technology during the 1st quarter valued at approximately $28,000. Pineridge Advisors LLC purchased a new stake in shares of Microchip Technology during the 4th quarter valued at approximately $33,000. Steph & Co. lifted its stake in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares in the last quarter. Pathway Financial Advisers LLC purchased a new stake in shares of Microchip Technology during the 1st quarter valued at approximately $39,000. Finally, Richardson Capital Management LLC purchased a new stake in Microchip Technology in the 1st quarter worth approximately $45,000. 91.51% of the stock is owned by institutional investors.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Down 1.1 %

Shares of NASDAQ MCHP opened at $77.33 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The stock has a market cap of $41.49 billion, a P/E ratio of 22.29 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The firm has a 50-day moving average of $78.98 and a 200 day moving average of $87.03.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.56 earnings per share. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.35%. Microchip Technology’s payout ratio is currently 52.16%.

Wall Street Analyst Weigh In

Several research firms have issued reports on MCHP. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lowered their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Needham & Company LLC lowered their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Finally, B. Riley lowered their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $99.47.

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.