First United Bank & Trust Lowers Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

First United Bank & Trust lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 16.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,994 shares of the semiconductor company's stock after selling 4,427 shares during the period. First United Bank & Trust's holdings in Microchip Technology were worth $1,113,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology during the 4th quarter worth about $26,000. Rakuten Securities Inc. boosted its holdings in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after buying an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in shares of Microchip Technology during the 4th quarter worth about $29,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Microchip Technology during the 4th quarter worth about $34,000. Finally, Millstone Evans Group LLC bought a new stake in shares of Microchip Technology during the 4th quarter worth about $34,000. Institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MCHP. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a research note on Friday, May 9th. UBS Group boosted their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Stifel Nicolaus boosted their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. Finally, Wall Street Zen lowered shares of Microchip Technology from a "hold" rating to a "sell" rating in a report on Saturday, June 7th. 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $69.53.

Microchip Technology Trading Down 3.2%

Shares of NASDAQ:MCHP traded down $2.20 during trading on Friday, reaching $65.73. The stock had a trading volume of 9,841,187 shares, compared to its average volume of 8,808,250. The firm's fifty day moving average is $52.78 and its 200 day moving average is $54.90. 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 Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The stock has a market cap of $35.45 billion, a price-to-earnings ratio of 117.38 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released 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. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the previous year, the company earned $0.57 EPS. Microchip Technology's quarterly revenue was down 26.8% compared to the same quarter last year. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.77%. Microchip Technology's payout ratio is -18,200.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction on Friday, May 23rd. The shares were 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. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the company's 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 transaction, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

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.