Bank OZK Sells 283 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bank OZK lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.9% during the fourth quarter, HoldingsChannel reports. The fund owned 3,801 shares of the semiconductor company’s stock after selling 283 shares during the quarter. Bank OZK’s holdings in Microchip Technology were worth $343,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. OFI Invest Asset Management bought a new position in Microchip Technology during the third quarter worth $26,000. BKM Wealth Management LLC bought a new stake in Microchip Technology in the 4th quarter valued at $27,000. Rakuten Securities Inc. bought a new stake in Microchip Technology in the 4th quarter valued at $27,000. Fortitude Family Office LLC bought a new stake in Microchip Technology in the 4th quarter valued at $29,000. Finally, Milestone Investment Advisors LLC bought a new stake in Microchip Technology in the 3rd quarter valued at $36,000. Institutional investors own 91.51% of the company’s stock.

Insider Activity

In other news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred 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 directly 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 company insiders.

Microchip Technology Trading Up 1.5 %

Microchip Technology stock traded up $1.39 during trading hours on Friday, reaching $93.60. 5,621,114 shares of the company’s stock traded hands, compared to its average volume of 4,575,927. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $94.63. The firm has a market capitalization of $50.58 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 2.86 and a beta of 1.65. The firm’s 50 day moving average is $87.24 and its 200-day moving average is $84.68.

Microchip Technology (NASDAQ:MCHP) last released 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. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company posted $1.48 EPS. The company’s revenue was down 18.6% compared to the same quarter last year. On average, analysts predict that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

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

Analyst Ratings Changes

MCHP has been the topic of several analyst reports. TD Cowen boosted their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Wolfe Research raised 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 report on Thursday, January 18th. Needham & Company LLC boosted their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Susquehanna restated a “positive” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Monday, April 8th. Finally, Truist Financial reduced their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, January 9th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $92.50.

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.