Texas Bank & Trust Co Acquires New Shares in Microchip Technology Incorporated (NASDAQ:MCHP)

Texas Bank & Trust Co acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,811 shares of the semiconductor company's stock, valued at approximately $792,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Consolidated Planning Corp acquired a new stake in Microchip Technology in the fourth quarter valued at $308,000. one8zero8 LLC acquired a new stake in Microchip Technology in the fourth quarter valued at $384,000. Symphony Financial Ltd. Co. acquired a new stake in Microchip Technology in the fourth quarter valued at $520,000. Truist Financial Corp grew its holdings in Microchip Technology by 5.8% during the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company's stock worth $55,024,000 after acquiring an additional 52,222 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after acquiring an additional 569,699 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MCHP shares. Raymond James increased their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday, May 9th. 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. Needham & Company LLC reiterated a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. Mizuho increased their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Finally, TD Cowen increased their price target on Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a report on Friday, May 9th. One research 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 stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $67.42.

Microchip Technology Stock Up 0.4%

NASDAQ MCHP traded up $0.23 during trading hours on Tuesday, hitting $60.80. The company's stock had a trading volume of 6,144,352 shares, compared to its average volume of 8,552,411. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $100.57. The company has a market capitalization of $32.75 billion, a PE ratio of 108.57 and a beta of 1.42. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company's 50-day simple moving average is $47.86 and its two-hundred day simple moving average is $55.72.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its 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. 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 for the quarter, compared to analysts' expectations of $962.86 million. During the same quarter last year, the firm earned $0.57 EPS. The company's quarterly revenue was down 26.8% compared to the same quarter last year. Research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be given a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.99%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

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.