31,247 Shares in Microchip Technology Incorporated $MCHP Bought by NBT Bank N.A.

Key Points

• NBT Bank acquired 31,247 shares of Microchip Technology during the third quarter, valued at approximately $2.43 million. Institutional investors and hedge funds collectively own 91.51% of the company.
• Microchip shares were trading at $74.52, down 3.4%, while the company reported quarterly revenue of $1.48 billion and EPS of $0.76, exceeding analyst expectations. Revenue increased 38% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $97.71, although several firms recently lowered their targets. The company also pays a quarterly dividend of $0.455 per share, yielding approximately 2.4%.

NBT Bank N.A. purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 31,247 shares of the semiconductor company's stock, valued at approximately $2,430,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp boosted its holdings in Microchip Technology by 2.9% in the second quarter. State Street Corp now owns 28,851,673 shares of the semiconductor company's stock worth $2,631,273,000 after purchasing an additional 821,147 shares during the period. Van ECK Associates Corp raised its stake in Microchip Technology by 18.3% during the second quarter. Van ECK Associates Corp now owns 8,224,808 shares of the semiconductor company's stock worth $750,102,000 after acquiring an additional 1,272,838 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Microchip Technology in the second quarter worth about $537,423,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Microchip Technology by 23.5% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,060,528 shares of the semiconductor company's stock worth $461,520,000 after acquiring an additional 962,362 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in Microchip Technology in the second quarter worth about $312,597,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Trading Down 3.4%

Shares of NASDAQ:MCHP opened at $74.52 on Friday. The company has a market cap of $40.47 billion, a PE ratio of 111.23, a P/E/G ratio of 0.53 and a beta of 1.77. The company's 50-day moving average price is $75.19 and its 200 day moving average price is $82.88. Microchip Technology Incorporated has a fifty-two week low of $48.52 and a fifty-two week high of $105.91. The company has a quick ratio of 1.11, a current ratio of 1.92 and a debt-to-equity ratio of 0.83.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.06. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the business posted $0.27 EPS. Microchip Technology's revenue was up 38.0% on a year-over-year basis. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. Sell-side analysts anticipate that Microchip Technology Incorporated will post 3.20 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 9th. Stockholders of record on Monday, August 24th were given a dividend of $0.4550 per share. The ex-dividend date was Monday, August 24th. This represents a $1.82 annualized dividend and a dividend yield of 2.4%. Microchip Technology's payout ratio is currently 271.64%.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. TD Cowen decreased their target price on Microchip Technology from $90.00 to $75.00 and set a "hold" rating for the company in a research note on Monday. Weiss Ratings upgraded Microchip Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. UBS Group reissued a "buy" rating and issued a $120.00 price target (down from $130.00) on shares of Microchip Technology in a report on Friday, August 7th. Citigroup cut their price target on Microchip Technology from $113.00 to $95.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Finally, BMO Capital Markets initiated coverage on Microchip Technology in a research report on Friday, August 21st. They set an "outperform" rating and a $95.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, Microchip Technology presently has an average rating of "Moderate Buy" and an average price target of $97.71.

Insider Activity

In other news, CFO James Bjornholt sold 4,112 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $75.32, for a total transaction of $309,715.84. Following the completion of the transaction, the chief financial officer directly owned 28,573 shares in the company, valued at approximately $2,152,118.36. The trade was a 12.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.79% of the company's stock.

About Microchip Technology

Microchip Technology Incorporated NASDAQ: MCHP develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip's products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.