NBT Bank N A NY Sells 4,717 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

NBT Bank N A NY decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 12.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 31,777 shares of the semiconductor company's stock after selling 4,717 shares during the quarter. NBT Bank N A NY's holdings in Microchip Technology were worth $1,538,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology during the 4th quarter worth about $26,000. Rakuten Securities Inc. raised its holdings in shares of Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management acquired a new position in Microchip Technology during the fourth quarter worth $29,000. Kohmann Bosshard Financial Services LLC bought a new position in shares of Microchip Technology during the fourth quarter valued at $34,000. Finally, Millstone Evans Group LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Stock Up 0.5%

MCHP traded up $0.33 during trading on Thursday, hitting $68.02. The company had a trading volume of 5,642,459 shares, compared to its average volume of 8,819,986. The company has a market capitalization of $36.69 billion, a PE ratio of -6,802.00, a PEG ratio of 2.02 and a beta of 1.48. The firm's 50-day moving average price is $54.35 and its 200 day moving average price is $54.99. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98.

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, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. During the same period in the prior year, the firm posted $0.57 earnings per share. The business's quarterly revenue was down 26.8% compared to the same quarter last year. As a group, equities analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a $0.455 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.68%. Microchip Technology's payout ratio is -18,200.00%.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were 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 represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director now owns 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

MCHP has been the topic of a number of recent analyst reports. TD Cowen boosted their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, May 9th. Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price objective on shares of Microchip Technology in a research report on Friday, May 9th. Raymond James Financial increased their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday, May 9th. Rosenblatt Securities raised their target price on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Finally, Cantor Fitzgerald assumed coverage on shares of Microchip Technology in a report on Wednesday. They set a "neutral" rating and a $70.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus price target of $70.15.

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.