Citizens & Northern Corp Increases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Citizens & Northern Corp grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 51.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,199 shares of the semiconductor company's stock after buying an additional 5,172 shares during the period. Citizens & Northern Corp's holdings in Microchip Technology were worth $736,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. 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 worth $2,254,000 after buying an additional 209 shares during the last quarter. Northwest Bank & Trust Co grew its position in Microchip Technology by 3.0% during the fourth 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 during the last quarter. State of Wyoming raised its stake in shares of Microchip Technology by 27.3% during the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock worth $75,000 after acquiring an additional 279 shares in the last quarter. CreativeOne Wealth LLC raised its stake in shares of Microchip Technology by 1.0% during the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after acquiring an additional 283 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in shares of Microchip Technology by 4.7% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company's stock worth $393,000 after acquiring an additional 305 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on MCHP. UBS Group increased their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 30th. Wall Street Zen cut Microchip Technology from a "hold" rating to a "sell" rating in a research note on Saturday, June 7th. TD Cowen lifted their price objective on Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a report on Friday, May 9th. Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price for the company in a research note on Friday, May 9th. Finally, Rosenblatt Securities raised their price target on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Microchip Technology presently has an average rating of "Moderate Buy" and an average target price of $70.15.

Microchip Technology Trading Down 0.6%

Shares of MCHP stock traded down $0.39 during mid-day trading on Monday, reaching $68.58. The stock had a trading volume of 7,477,251 shares, compared to its average volume of 8,852,431. The stock's 50-day moving average price is $56.14 and its two-hundred day moving average price is $55.00. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $96.98. The firm has a market capitalization of $36.99 billion, a PE ratio of -6,858.00, a price-to-earnings-growth ratio of 2.05 and a beta of 1.48. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The company had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. During the same quarter in the previous year, the company earned $0.57 earnings per share. Microchip Technology's quarterly revenue was down 26.8% on a year-over-year basis. Equities analysts expect 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 was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Insider Activity at Microchip Technology

In related news, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction dated 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. The trade was a 12.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Profile

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.