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25,175 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Purchased by BTC Capital Management Inc.

Microchip Technology logo with Computer and Technology background

BTC Capital Management Inc. acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 25,175 shares of the semiconductor company's stock, valued at approximately $2,258,000.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $672,196,000. Truist Financial Corp increased its stake in shares of Microchip Technology by 324.0% in the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company's stock valued at $163,678,000 after buying an additional 1,386,924 shares during the period. Corient Private Wealth LLC increased its stake in shares of Microchip Technology by 76.6% in the 4th quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company's stock valued at $184,251,000 after buying an additional 886,068 shares during the period. Qube Research & Technologies Ltd increased its stake in shares of Microchip Technology by 122.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company's stock valued at $119,353,000 after buying an additional 840,526 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of Microchip Technology by 16.0% in the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company's stock valued at $466,863,000 after buying an additional 714,376 shares during the period. Institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MCHP shares. The Goldman Sachs Group lifted their price objective on Microchip Technology from $77.00 to $88.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 7th. Needham & Company LLC lifted their price objective on Microchip Technology from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Tuesday, May 7th. Jefferies Financial Group started coverage on Microchip Technology in a research note on Monday, May 13th. They set a "buy" rating and a $115.00 price objective for the company. UBS Group lifted their price objective on Microchip Technology from $95.00 to $103.00 and gave the stock a "buy" rating in a research note on Tuesday, May 7th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $90.00 price objective (up from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $101.06.


Read Our Latest Stock Report on MCHP

Microchip Technology Stock Up 2.9 %

Shares of Microchip Technology stock traded up $2.56 during trading on Friday, reaching $91.58. The stock had a trading volume of 9,784,321 shares, compared to its average volume of 5,955,355. The company has a market capitalization of $49.17 billion, a price-to-earnings ratio of 26.39 and a beta of 1.55. The stock has a fifty day moving average price of $92.48 and a two-hundred day moving average price of $88.99. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts' consensus estimates of $0.57. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company's quarterly revenue was down 40.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.56 earnings per share. Sell-side analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. This represents a $1.81 annualized dividend and a yield of 1.97%. The ex-dividend date was Tuesday, May 21st. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio is presently 52.16%.

Insider Buying and Selling

In related news, Director Matthew W. Chapman sold 2,748 shares of the company's stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now owns 82,203 shares of the company's stock, valued at $7,470,608.64. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Matthew W. Chapman sold 2,748 shares of the business's stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,993 shares of company stock worth $2,251,857. Corporate insiders own 2.07% of the company's stock.

Microchip Technology Profile

(Free Report)

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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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