Amalgamated Bank Cuts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Amalgamated Bank cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 143,745 shares of the semiconductor company’s stock after selling 17,852 shares during the period. Amalgamated Bank’s holdings in Microchip Technology were worth $12,963,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Northern Trust Corp boosted its position in shares of Microchip Technology by 1.1% during the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after acquiring an additional 80,431 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Microchip Technology by 16.0% during the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after purchasing an additional 714,376 shares in the last quarter. Mizuho Markets Americas LLC bought a new stake in shares of Microchip Technology in the third quarter worth about $225,800,000. Charles Schwab Investment Management Inc. lifted its position in shares of Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,830,397 shares of the semiconductor company’s stock worth $220,913,000 after buying an additional 25,002 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Microchip Technology by 0.5% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company’s stock valued at $221,586,000 after buying an additional 11,163 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MCHP. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Thursday, January 18th. UBS Group decreased their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Stifel Nicolaus lifted their price target on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler downgraded Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research report on Thursday, January 4th. Finally, Susquehanna reaffirmed a “positive” rating and issued a $100.00 price objective on shares of Microchip Technology in a research note on Monday, April 8th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $92.75.

Microchip Technology Trading Up 2.1 %

MCHP traded up $1.90 on Friday, reaching $91.36. 6,983,004 shares of the company traded hands, compared to its average volume of 5,606,156. The company has a market cap of $49.37 billion, a P/E ratio of 21.35, a price-to-earnings-growth ratio of 2.71 and a beta of 1.60. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.63. The firm has a fifty day simple moving average of $87.88 and a two-hundred day simple moving average of $84.95.

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

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.