Peoples Financial Services CORP. Has $585,000 Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Peoples Financial Services CORP. cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 64.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,096 shares of the semiconductor company's stock after selling 22,245 shares during the quarter. Peoples Financial Services CORP.'s holdings in Microchip Technology were worth $585,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Federated Hermes Inc. increased its position in Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after purchasing an additional 209 shares during the period. Northwest Bank & Trust Co lifted its stake 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 valued at $424,000 after buying an additional 217 shares during the period. Oregon Public Employees Retirement Fund lifted its stake 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 valued at $2,238,000 after buying an additional 230 shares during the period. Greenleaf Trust lifted its stake in Microchip Technology by 1.0% in the first quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock valued at $1,207,000 after buying an additional 242 shares during the period. Finally, Bartlett & CO. Wealth Management LLC lifted its stake 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 valued at $405,000 after buying an additional 276 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

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

Microchip Technology Price Performance

Shares of Microchip Technology stock traded down $0.10 during trading on Friday, reaching $74.98. 2,540,229 shares of the company's stock were exchanged, compared to its average volume of 8,925,485. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98. The company has a market cap of $40.47 billion, a P/E ratio of -7,503.20, a PEG ratio of 2.22 and a beta of 1.52. The firm's 50-day moving average price is $63.83 and its 200 day moving average price is $56.23.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. During the same quarter in the previous year, the firm earned $0.57 EPS. Microchip Technology's revenue was down 26.8% on a year-over-year basis. As a group, research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders 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 2.43%. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Analyst Ratings Changes

A number of research firms have recently commented on MCHP. Truist Financial raised their price target on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research report on Wednesday, June 18th. KeyCorp raised their price target on Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday. B. Riley raised their price target on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Rosenblatt Securities raised their price target on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Finally, TD Cowen raised their price target on Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.10.

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.