Truist Financial Corp Grows Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Truist Financial Corp lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 324.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,815,013 shares of the semiconductor company's stock after buying an additional 1,386,924 shares during the quarter. Truist Financial Corp owned approximately 0.34% of Microchip Technology worth $163,678,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. DAVENPORT & Co LLC lifted its position in Microchip Technology by 3.4% during the third quarter. DAVENPORT & Co LLC now owns 14,226 shares of the semiconductor company's stock worth $1,110,000 after buying an additional 464 shares during the period. Private Trust Co. NA boosted its position in shares of Microchip Technology by 2.8% in the third quarter. Private Trust Co. NA now owns 5,675 shares of the semiconductor company's stock worth $443,000 after acquiring an additional 157 shares during the last quarter. Czech National Bank grew its holdings in Microchip Technology by 46.7% in the third quarter. Czech National Bank now owns 95,139 shares of the semiconductor company's stock valued at $7,426,000 after purchasing an additional 30,291 shares during the period. Handelsbanken Fonder AB raised its stake in Microchip Technology by 2.2% during the third quarter. Handelsbanken Fonder AB now owns 207,377 shares of the semiconductor company's stock worth $16,186,000 after purchasing an additional 4,553 shares during the period. Finally, Ballentine Partners LLC boosted its holdings in shares of Microchip Technology by 10.4% in the 3rd quarter. Ballentine Partners LLC now owns 3,348 shares of the semiconductor company's stock valued at $261,000 after purchasing an additional 316 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Stock Up 1.5 %

Shares of NASDAQ:MCHP traded up $1.39 during midday trading on Friday, reaching $93.60. The company had a trading volume of 5,620,228 shares, compared to its average volume of 5,559,520. The stock has a market capitalization of $50.58 billion, a P/E ratio of 21.87, a PEG ratio of 2.77 and a beta of 1.65. The stock's fifty day moving average price is $87.24 and its 200-day moving average price is $84.65. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.63.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the firm earned $1.48 EPS. The company's revenue was down 18.6% on a year-over-year basis. Equities research analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a $0.45 dividend. This is a positive change from Microchip Technology's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 1.92%. Microchip Technology's dividend payout ratio (DPR) is presently 42.06%.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company's stock, valued at $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Karlton D. Johnson sold 370 shares of the company's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. Company insiders own 2.07% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on MCHP. Needham & Company LLC increased their target price on Microchip Technology from $85.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 2nd. UBS Group decreased their target price on Microchip Technology from $105.00 to $95.00 and set a "buy" rating for the company in a report on Friday, February 2nd. Truist Financial dropped their target price on shares of Microchip Technology from $97.00 to $93.00 and set a "buy" rating for the company in a research report on Tuesday, January 9th. Wolfe Research raised shares of Microchip Technology from a "peer perform" rating to an "outperform" rating and set a $105.00 price target on the stock in a research report on Thursday, January 18th. Finally, TD Cowen increased their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a "market perform" rating in a research report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $92.50.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.

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