Zurcher Kantonalbank Zurich Cantonalbank Buys 11,498 Shares of 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 Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 128,808 shares of the semiconductor company's stock after acquiring 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 quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Invesco Ltd. lifted its holdings in shares of Microchip Technology by 9.5% during the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock valued at $587,718,000 after purchasing an additional 890,819 shares in the last quarter. FIL Ltd lifted its holdings in shares of Microchip Technology by 9.0% during the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after purchasing an additional 653,705 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Microchip Technology by 4.7% during the 4th quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company's stock valued at $399,070,000 after purchasing an additional 311,796 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after purchasing an additional 3,912,895 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Microchip Technology by 9.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 3,511,663 shares of the semiconductor company's stock valued at $201,394,000 after purchasing an additional 309,193 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

MCHP has been the topic of a number of recent research reports. The Goldman Sachs Group began coverage on Microchip Technology in a research report on Thursday, July 10th. They issued a "buy" rating and a $88.00 target price on the stock. Stifel Nicolaus boosted their target price on Microchip Technology from $70.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price on the stock in a research note on Friday, May 9th. Citigroup boosted their target price on Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Finally, Raymond James Financial boosted their target price on Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research note on Friday, May 9th. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $75.70.

Microchip Technology Stock Performance

Shares of MCHP stock traded down $1.23 during trading on Friday, reaching $66.36. 11,541,664 shares of the company's stock were exchanged, compared to its average volume of 7,927,445. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $35.81 billion, a PE ratio of -6,636.00, a PEG ratio of 1.95 and a beta of 1.55. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $82.87. The firm's fifty day moving average price is $68.84 and its 200-day moving average price is $57.82.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm's revenue was down 26.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 EPS. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

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

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer directly owned 34,313 shares in the company, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. 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 business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director owned 3,468 shares of the company's stock, valued at $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.94% of the company's stock.

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.