Central Pacific Bank Trust Division grew its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 155.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 32,108 shares of the semiconductor company's stock after buying an additional 19,537 shares during the period. Central Pacific Bank Trust Division's holdings in Microchip Technology were worth $1,554,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Federated Hermes Inc. lifted its position in Microchip Technology by 0.5% in the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after acquiring an additional 209 shares in the last quarter. Northwest Bank & Trust Co lifted its position in Microchip Technology by 3.0% in the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after acquiring an additional 217 shares in the last quarter. State of Wyoming lifted its position in Microchip Technology by 27.3% during the 4th quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock worth $75,000 after buying an additional 279 shares in the last quarter. CreativeOne Wealth LLC lifted its position in Microchip Technology by 1.0% during the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after buying an additional 283 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its position in Microchip Technology by 4.7% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company's stock worth $393,000 after buying an additional 305 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.
Insider Activity at Microchip Technology
In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.
Microchip Technology Stock Performance
MCHP traded down $0.89 on Friday, reaching $57.22. The company had a trading volume of 10,845,600 shares, compared to its average volume of 8,641,981. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $98.10. The stock has a market cap of $30.86 billion, a P/E ratio of 102.18 and a beta of 1.42. The company's fifty day moving average is $48.55 and its 200 day moving average is $54.93. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the prior year, the business earned $0.57 EPS. Microchip Technology's quarterly revenue was down 26.8% on a year-over-year basis. As a group, analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.
Microchip Technology Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid a $0.455 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.18%. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on MCHP shares. Wall Street Zen cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. Needham & Company LLC reissued a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. Raymond James boosted their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. UBS Group boosted their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday. Finally, B. Riley boosted their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $67.68.
Get Our Latest Report on Microchip Technology
Microchip Technology Company Profile
(
Free Report)
Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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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