First County Bank CT Invests $1.75 Million in Microchip Technology Incorporated (NASDAQ:MCHP)

First County Bank CT acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 36,085 shares of the semiconductor company's stock, valued at approximately $1,747,000. Microchip Technology makes up approximately 1.0% of First County Bank CT's portfolio, making the stock its 28th biggest position.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after purchasing an additional 569,699 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after buying an additional 3,131,807 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Microchip Technology by 9.5% during the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock valued at $587,718,000 after buying an additional 890,819 shares during the last quarter. Norges Bank purchased a new position in shares of Microchip Technology during the 4th quarter valued at approximately $452,627,000. Finally, FIL Ltd boosted its stake in shares of Microchip Technology by 9.0% during the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after buying an additional 653,705 shares during 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 Microchip Technology stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director now owns 3,468 shares of the company's stock, valued at $210,472.92. The trade was a 12.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at $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 currently owned by insiders.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded down $0.89 during mid-day trading on Friday, hitting $57.22. The company had a trading volume of 10,845,600 shares, compared to its average volume of 8,641,981. The stock has a market cap of $30.86 billion, a price-to-earnings ratio of 102.18 and a beta of 1.42. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $98.10. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm's 50 day simple moving average is $48.55 and its two-hundred day simple moving average is $55.01.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The firm's quarterly revenue was down 26.8% compared to the same quarter last year. During the same period last year, the business posted $0.57 earnings per share. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be given a $0.455 dividend. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 3.18%. Microchip Technology's dividend payout ratio is presently -18,200.00%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective on the stock in a research note on Friday, May 9th. Morgan Stanley increased their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. UBS Group increased 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. Wall Street Zen cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. Finally, Raymond James increased 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $67.68.

About Microchip Technology

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.