Trust Co. of Toledo NA OH Sells 21,286 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Trust Co. of Toledo NA OH decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 26.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,724 shares of the semiconductor company's stock after selling 21,286 shares during the period. Trust Co. of Toledo NA OH's holdings in Microchip Technology were worth $2,794,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MCHP. one8zero8 LLC bought a new position in shares of Microchip Technology in the 4th quarter worth approximately $384,000. Truist Financial Corp raised its holdings in Microchip Technology by 5.8% in the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company's stock worth $55,024,000 after purchasing an additional 52,222 shares in the last quarter. Vanguard Group Inc. lifted its position in Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after buying an additional 569,699 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after buying an additional 3,013,162 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its position in shares of Microchip Technology by 15.7% in the 4th quarter. Jones Financial Companies Lllp now owns 16,418 shares of the semiconductor company's stock worth $942,000 after buying an additional 2,226 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MCHP shares. TD Cowen upped their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a report on Friday, May 9th. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a research note on Friday, May 9th. B. Riley lifted their price objective on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Morgan Stanley raised their price target on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. Finally, UBS Group increased their price objective 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.53.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,015 shares of the business'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 transaction, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director now directly owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Microchip Technology Stock Performance

Shares of MCHP traded down $2.20 on Friday, reaching $65.73. The company's stock had a trading volume of 9,841,187 shares, compared to its average volume of 8,808,250. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98. The stock has a market capitalization of $35.45 billion, a P/E ratio of 117.38 and a beta of 1.48. The stock's 50 day simple moving average is $52.78 and its two-hundred day simple moving average is $54.90.

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 for the quarter, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Microchip Technology's quarterly revenue was down 26.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 earnings per share. Research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared 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 was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.77%. Microchip Technology's dividend payout ratio is presently -18,200.00%.

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.