Bahl & Gaynor Inc. Lowers Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Bahl & Gaynor Inc. reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,990 shares of the semiconductor company’s stock after selling 285 shares during the period. Bahl & Gaynor Inc.’s holdings in Microchip Technology were worth $1,171,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. OFI Invest Asset Management purchased a new position in Microchip Technology in the third quarter valued at $26,000. BKM Wealth Management LLC purchased a new position in Microchip Technology in the fourth quarter valued at $27,000. Rakuten Securities Inc. purchased a new position in Microchip Technology in the fourth quarter valued at $27,000. Fortitude Family Office LLC purchased a new position in Microchip Technology in the fourth quarter valued at $29,000. Finally, Milestone Investment Advisors LLC purchased a new stake in Microchip Technology during the 3rd quarter worth about $36,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Microchip Technology

In other news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Needham & Company LLC lifted their price target on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. UBS Group cut their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. The Goldman Sachs Group cut their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Truist Financial cut their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, January 9th. Finally, Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research report on Thursday, January 4th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.50.

Microchip Technology Price Performance

MCHP stock opened at $93.60 on Friday. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $94.63. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock’s 50 day moving average price is $87.24 and its 200 day moving average price is $84.65. The firm has a market cap of $50.58 billion, a P/E ratio of 21.87, a PEG ratio of 2.81 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. Microchip Technology’s revenue was down 18.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.48 EPS. On average, sell-side analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a yield of 1.92%. Microchip Technology’s payout ratio is 42.06%.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.