Zurcher Kantonalbank Zurich Cantonalbank Has $6.24 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Zurcher Kantonalbank increased its position in Microchip Technology by 9.8%, acquiring an additional 11,498 shares, bringing its total holdings to 128,808 shares valued at approximately $6.24 million.
• Multiple hedge funds have adjusted their positions in Microchip Technology, with First Citizens Bank & Trust Co. increasing its stake by 468.2% during the first quarter.
• Analysts have upgraded Microchip Technology's ratings, with a consensus of "Moderate Buy" and an average price target of $75.70.

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 128,808 shares of the semiconductor company's stock after purchasing an additional 11,498 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Microchip Technology were worth $6,236,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MCHP. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after purchasing an additional 3,912,895 shares during the last quarter. Meritage Group LP bought a new position in shares of Microchip Technology during the fourth quarter worth about $145,033,000. Fiduciary Management Inc. WI bought a new position in shares of Microchip Technology during the fourth quarter worth about $119,431,000. Two Sigma Investments LP acquired a new stake in Microchip Technology in the 4th quarter valued at approximately $93,196,000. Finally, Woodline Partners LP increased its position in Microchip Technology by 285.4% in the 4th quarter. Woodline Partners LP now owns 2,121,677 shares of the semiconductor company's stock valued at $121,678,000 after acquiring an additional 1,571,186 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Insiders Place Their Bets

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction dated 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 owned 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm'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 transaction, the chief financial officer owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.94% of the company's stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded up $0.78 during trading hours on Monday, hitting $67.14. 2,739,695 shares of the stock were exchanged, compared to its average volume of 10,461,079. The company's 50 day moving average is $68.84 and its 200 day moving average is $57.84. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $82.87. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The firm has a market capitalization of $36.23 billion, a P/E ratio of -6,708.80, a P/E/G ratio of 1.92 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data 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 negative net margin of 0.01% and a positive return on equity of 8.55%. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The business's revenue was down 26.8% compared to the same quarter last year. On average, research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio is presently -18,200.00%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MCHP shares. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a research report on Friday, May 9th. Susquehanna raised their target price on shares of Microchip Technology from $60.00 to $90.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. Truist Financial raised their target price on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. B. Riley lifted their price target on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Rosenblatt Securities increased their price target on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $74.42.

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.