Fulton Bank N.A. Sells 6,118 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Fulton Bank N.A. trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 36.3% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 10,720 shares of the semiconductor company's stock after selling 6,118 shares during the period. Fulton Bank N.A.'s holdings in Microchip Technology were worth $519,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth about $26,000. Rakuten Securities Inc. boosted its stake in 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 acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management bought a new position in Microchip Technology during the 4th quarter worth approximately $29,000. Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology during the fourth quarter valued at approximately $34,000. Finally, Millstone Evans Group LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $34,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the transaction, the director now owns 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Microchip Technology Stock Up 1.4%

Shares of MCHP stock traded up $0.88 during trading on Friday, reaching $65.25. The company's stock had a trading volume of 8,884,511 shares, compared to its average volume of 8,678,596. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The business has a fifty day moving average price of $49.61 and a 200-day moving average price of $54.96. The company has a market cap of $35.20 billion, a price-to-earnings ratio of 116.52 and a beta of 1.48. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

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

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is presently -18,200.00%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MCHP. Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a research report on Friday, May 9th. Rosenblatt Securities lifted their target price on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Morgan Stanley increased their price target on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Mizuho raised their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Finally, KeyCorp decreased their price objective on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average target price of $67.68.

Microchip Technology Company 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.