Microchip Technology Incorporated (NASDAQ:MCHP) Stake Boosted by Cincinnati Insurance Co.

Cincinnati Insurance Co. lifted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 133.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 451,600 shares of the semiconductor company’s stock after purchasing an additional 258,500 shares during the period. Cincinnati Insurance Co. owned 0.08% of Microchip Technology worth $40,513,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of MCHP. Central Pacific Bank Trust Division bought a new position in shares of Microchip Technology in the first quarter valued at approximately $2,040,000. Whittier Trust Co. grew its stake in Microchip Technology by 21.5% in the 1st quarter. Whittier Trust Co. now owns 5,544 shares of the semiconductor company’s stock valued at $497,000 after buying an additional 980 shares during the last quarter. First Command Advisory Services Inc. grew its stake in Microchip Technology by 331.0% in the 1st quarter. First Command Advisory Services Inc. now owns 2,280 shares of the semiconductor company’s stock valued at $205,000 after buying an additional 1,751 shares during the last quarter. Financial Counselors Inc. grew its stake in Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after buying an additional 119 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in Microchip Technology by 185.4% in the 1st quarter. Jennison Associates LLC now owns 472,905 shares of the semiconductor company’s stock valued at $42,424,000 after buying an additional 307,192 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Trading Down 1.0 %

Shares of MCHP traded down $0.92 on Tuesday, reaching $92.34. 3,226,894 shares of the company’s stock were exchanged, compared to its average volume of 5,715,795. The stock has a market capitalization of $49.58 billion, a P/E ratio of 26.61 and a beta of 1.54. The business has a 50 day moving average price of $93.36 and a two-hundred day moving average price of $89.18. 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 Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business’s revenue for the quarter was down 40.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.56 earnings per share. Research analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a $0.452 dividend. This represents a $1.81 annualized dividend and a dividend yield of 1.96%. The ex-dividend date was Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 52.16%.

Insider Activity

In other news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. Insiders sold 23,993 shares of company stock worth $2,251,857 over the last quarter. 2.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. TD Cowen raised their target price on shares of Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, May 7th. Truist Financial raised their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Susquehanna raised their price target on shares of Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a research report on Tuesday, May 7th. KeyCorp raised their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Finally, UBS Group raised their price target on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $101.06.

About Microchip Technology

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.