Fulton Bank N.A. Grows Holdings in Microchip Technology Incorporated $MCHP

Key Points

• Fulton Bank N.A. increased its stake in Microchip Technology by 39.6%, acquiring an additional 4,242 shares, bringing its total holding to 14,962 shares valued at approximately $1,053,000.
• Microchip Technology reported quarterly earnings of $0.27 per share, surpassing expectations, despite a 13.3% decline in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.455 per share, yielding 2.7%, although its dividend payout ratio is significantly negative at -535.29%.

Fulton Bank N.A. boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 39.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,962 shares of the semiconductor company's stock after acquiring an additional 4,242 shares during the period. Fulton Bank N.A.'s holdings in Microchip Technology were worth $1,053,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Northwest Bank & Trust Co raised its position in Microchip Technology by 3.0% in the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock worth $424,000 after acquiring an additional 217 shares during the period. Clearstead Trust LLC raised its position in Microchip Technology by 10.5% in the first quarter. Clearstead Trust LLC now owns 2,356 shares of the semiconductor company's stock worth $114,000 after acquiring an additional 224 shares during the period. Oregon Public Employees Retirement Fund raised its position in Microchip Technology by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock worth $2,238,000 after acquiring an additional 230 shares during the period. Greenleaf Trust raised its position in Microchip Technology by 1.0% in the first quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock worth $1,207,000 after acquiring an additional 242 shares during the period. Finally, Bartlett & CO. Wealth Management LLC raised its position in Microchip Technology by 3.4% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock worth $405,000 after acquiring an additional 276 shares during the period. Institutional investors own 91.51% of the company's stock.

Microchip Technology Price Performance

NASDAQ:MCHP traded up $0.25 during mid-day trading on Monday, hitting $65.40. 6,465,886 shares of the stock traded hands, compared to its average volume of 7,540,407. The business's 50-day moving average price is $67.03 and its 200 day moving average price is $59.94. The company has a market cap of $35.30 billion, a PE ratio of -192.35, a price-to-earnings-growth ratio of 1.87 and a beta of 1.56. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $81.64. The company has a quick ratio of 1.33, a current ratio of 2.31 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The semiconductor company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The company had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $1.05 billion. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. Microchip Technology's revenue for the quarter was down 13.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.53 earnings per share. Microchip Technology has set its Q2 2026 guidance at 0.340-0.370 EPS. On average, analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Friday, August 22nd. Microchip Technology's payout ratio is currently -535.29%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 7,356 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $68.72, for a total value of $505,504.32. Following the completion of the transaction, the chief financial officer owned 30,010 shares of the company's stock, valued at $2,062,287.20. The trade was a 19.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew W. Chapman sold 10,000 shares of the business's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $68.25, for a total transaction of $682,500.00. Following the completion of the transaction, the director directly owned 30,665 shares of the company's stock, valued at approximately $2,092,886.25. This represents a 24.59% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MCHP. Zacks Research downgraded shares of Microchip Technology from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. Piper Sandler lifted their target price on shares of Microchip Technology from $65.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Citigroup lifted their target price on shares of Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Wall Street Zen upgraded shares of Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Finally, UBS Group lifted their target price on shares of Microchip Technology from $65.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $75.75.

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.