Indiana Trust & Investment Management Co. increased its holdings in Microchip Technology Inc. (NASDAQ:MCHP – free report ) by 18.4% in the first quarter, according to its latest SEC filing. The fund bought an additional 155 shares during the quarter, giving it a holding of 999 shares of the semiconductor company. Indiana Trust & Investment Management Co.’s holdings of Microchip Technology Inc. were worth $90,000 as of the latest SEC filing.
Other hedge funds and institutional investors have also recently modified their positions in the company. Norges Bank acquired a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $672,196,000. Truist Financial increased its position in shares of Microchip Technology by 324.0% in the fourth quarter. Truist Financial now owns 1,815,013 shares of the semiconductor company’s stock valued at $163,678,000 after acquiring an additional 1,386,924 shares during the period. Coriant Private Wealth LLC increased its holdings in shares of Microchip Technology by 76.6% in the fourth quarter. Coriant Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock valued at $184,251,000 after purchasing an additional 886,068 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Microchip Technology by 16.0% in 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 during the period. Finally, Public Sector Pension Investment Board increased its holdings in shares of Microchip Technology by 173.4% in the third quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock valued at $82,937,000 after purchasing an additional 673,924 shares in the third quarter. 91.51% of the stock is owned by institutional investors and hedge funds.
Insider Trading in Microchip Technology
In other news, Director, Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction value of $257,982.24. Following the sale, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Microchip Technology news, Director, Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction value of $257,982.24. Following the transaction, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The transaction was disclosed in a filing with the Securities and Exchange Commission, which is available at this hyperlink. Additionally, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction that took place on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following this transaction, the CFO now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. In the last 3 months, insiders have sold 23,993 shares of the company’s stock, valued at $2,251,857. Company insiders now own 2.07% of the company’s stock.
Microchip Technology shares rose 2.3%
NASDAQ MCHP opened trading at $91.50 on Friday. The company has a market capitalization of $49.13 billion, a price-to-earnings ratio of 26.37 and a beta of 1.55. The company’s 50-day moving average is $93.02 and its 200-day moving average is $89.10. The company’s current ratio is 1.20, quick ratio is 0.67 and debt-to-equity ratio is 0.75. Microchip Technology Incorporated’s low in the past year is $68.75 and its high in the past year is $100.57.
Microchip Technology (NASDAQ:MCHP – Get free report ) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, in line with the consensus estimate of $0.57. The company’s revenue for the quarter was $1.33 billion, compared to analysts’ expectations of $1.33 billion. Microchip Technology had net margins of 24.98% and return on equity of 36.78%. The company’s quarterly earnings were down 40.6% year-over-year. Year-over-year earnings per share were $1.56. On average, equities research analysts expect Microchip Technology Incorporated to post earnings per share of $2.35 for the current fiscal year.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were paid a dividend of $0.452. The ex-dividend date for this dividend was Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This equates to an annualized dividend of $1.81, or a dividend yield of 1.98%. Microchip Technology’s dividend payout ratio is currently 52.16%.
Wall Street analysts predict growth
A number of research firms have provided their opinions on MCHP. KeyCorp increased their price target on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Jefferies Financial Group began researching shares of Microchip Technology in a research report on Monday, May 13th. They set a “buy” rating and a $115.00 price target on the stock. Susquehanna increased their price target on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a research report on Tuesday, May 7th. Truist Financial increased their price target on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Finally, Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and increased their price target from $85.00 to $115.00 in a report on Friday, May 24. Five equities research analysts have rated the stock with a hold rating, and fourteen have assigned a buy rating to the company. According to MarketBeat data, the company’s current consensus rating is a “moderate buy” with an average price target of $101.06.
Read the latest research report on MCHP
Microchip Technology Company Profile
(Free report)
Microchip Technology Incorporated develops, manufactures and sells smart, connected and secure embedded control solutions throughout 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 specialty microcontrollers for automotive, industrial, computing, communications, lighting, power, motor control, human machine interface, security and wired and wireless connectivity applications.
References
Get Microchip Technology News and Ratings Daily – Enter your email address below to receive a concise summary of the latest news and analyst ratings on Microchip Technology and related companies every day with MarketBeat.com’s free email newsletter.
