First Citizens Bank & Trust Co. Boosts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

First Citizens Bank & Trust Co. raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 468.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 73,737 shares of the semiconductor company's stock after acquiring an additional 60,760 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Microchip Technology were worth $3,570,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Federated Hermes Inc. increased its position in Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after acquiring an additional 209 shares during the period. Northwest Bank & Trust Co grew its position in shares of Microchip Technology by 3.0% during the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock worth $424,000 after purchasing an additional 217 shares in the last quarter. State of Wyoming increased its holdings in shares of Microchip Technology by 27.3% during the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock worth $75,000 after purchasing an additional 279 shares during the period. CreativeOne Wealth LLC raised its position in shares of Microchip Technology by 1.0% in the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock valued at $1,654,000 after buying an additional 283 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of Microchip Technology by 4.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company's stock valued at $393,000 after buying an additional 305 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Truist Financial upped their price target on shares of Microchip Technology from $43.00 to $52.00 and gave the stock a "hold" rating in a report on Friday, May 9th. Wall Street Zen cut Microchip Technology from a "hold" rating to a "sell" rating in a research note on Saturday. Morgan Stanley raised their price objective on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Evercore ISI upped their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Finally, 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 report on Friday, May 30th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $68.37.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology 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 directly owns 34,313 shares of the company's stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the director now owns 3,468 shares in the company, 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 corporate insiders.

Microchip Technology Price Performance

NASDAQ:MCHP traded up $1.54 on Tuesday, reaching $69.59. 12,062,843 shares of the company's stock traded hands, compared to its average volume of 8,705,375. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock has a 50-day simple moving average of $50.33 and a 200-day simple moving average of $54.82. 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 $37.54 billion, a PE ratio of 124.27 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, topping the consensus estimate 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 last year, the business earned $0.57 EPS. The business's revenue was down 26.8% on a year-over-year basis. Equities research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

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 dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) 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.