First United Bank & Trust cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 16.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,994 shares of the semiconductor company's stock after selling 4,427 shares during the quarter. First United Bank & Trust's holdings in Microchip Technology were worth $1,113,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in MCHP. Vanguard Group Inc. lifted its holdings in shares of Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after buying an additional 569,699 shares in the last quarter. Van ECK Associates Corp raised its stake in Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after purchasing an additional 3,131,807 shares in the last quarter. Invesco Ltd. raised its stake in Microchip Technology by 9.5% in the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock valued at $587,718,000 after purchasing an additional 890,819 shares in the last quarter. Norges Bank purchased a new stake in Microchip Technology in the fourth quarter valued at approximately $452,627,000. Finally, FIL Ltd raised its stake in Microchip Technology by 9.0% in the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after purchasing an additional 653,705 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.
Microchip Technology Price Performance
Shares of MCHP traded down $1.67 during mid-day trading on Thursday, reaching $67.93. The stock had a trading volume of 7,699,552 shares, compared to its average volume of 8,764,311. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The business has a fifty day moving average of $51.57 and a 200 day moving average of $55.02. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98. The firm has a market cap of $36.64 billion, a price-to-earnings ratio of 121.30 and a beta of 1.48.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping 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 firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. Equities analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current 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 given 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 2.68%. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.
Wall Street Analyst Weigh In
MCHP has been the topic of a number of recent analyst reports. UBS Group raised their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Rosenblatt Securities raised their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Wall Street Zen cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a research report on Saturday, June 7th. Citigroup increased their price target on shares of Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a research report on Monday. Finally, Truist Financial increased their price target on shares of Microchip Technology from $43.00 to $52.00 and gave the company a "hold" 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 assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and an average price target of $69.53.
Check Out Our Latest Stock Analysis on MCHP
Insider Buying and Selling at Microchip Technology
In other news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm'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 of the company's stock, valued at $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 company insiders.
Microchip Technology Profile
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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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