Private Trust Co. NA raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 7.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,089 shares of the semiconductor company’s stock after acquiring an additional 414 shares during the period. Private Trust Co. NA’s holdings in Microchip Technology were worth $549,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MCHP. Halpern Financial Inc. raised its holdings in Microchip Technology by 83.5% in the 2nd quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 132 shares in the last quarter. OFI Invest Asset Management acquired a new position in shares of Microchip Technology during the 3rd quarter worth $26,000. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth $27,000. Fortitude Family Office LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth $29,000. Finally, Almanack Investment Partners LLC. acquired a new position in shares of Microchip Technology during the 3rd quarter worth $29,000. 91.51% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on MCHP. Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target for the company. in a report on Thursday, January 4th. TD Cowen upped their target price on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, February 2nd. StockNews.com cut Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday, December 29th. Truist Financial lowered their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $94.00 target price on shares of Microchip Technology in a report on Thursday, March 14th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $91.33.
View Our Latest Stock Report on MCHP
Insider Activity at Microchip Technology
In related news, Director Karlton D. Johnson sold 370 shares of the company’s 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 transaction, 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 can be accessed through this link. In related news, Director Karlton D. Johnson sold 370 shares of the company’s 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 transaction, 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 can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s 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 transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by corporate insiders.
Microchip Technology Trading Up 1.5 %
NASDAQ MCHP opened at $87.57 on Friday. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $94.30. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The business’s 50-day moving average price is $86.18 and its two-hundred day moving average price is $83.66. The firm has a market capitalization of $47.32 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 2.67 and a beta of 1.65.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the company earned $1.48 EPS. The firm’s revenue for the quarter was down 18.6% compared to the same quarter last year. On average, analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.
Microchip Technology Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a dividend of $0.45 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.06%. Microchip Technology’s dividend payout ratio is presently 42.06%.
Microchip Technology Company Profile
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.
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