Mitsubishi UFJ Trust & Banking Corp Has $53.86 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Mitsubishi UFJ Trust & Banking Corp trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 600,306 shares of the semiconductor company’s stock after selling 61,302 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.11% of Microchip Technology worth $53,862,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. BKM Wealth Management LLC bought a new position in shares of Microchip Technology in the fourth quarter valued at about $27,000. Rakuten Securities Inc. bought a new position in shares of Microchip Technology in the fourth quarter worth about $27,000. Rise Advisors LLC bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $28,000. Fortitude Family Office LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $29,000. Finally, Pineridge Advisors LLC bought a new position in Microchip Technology in the 4th quarter worth approximately $33,000. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on MCHP. Citigroup increased their price objective on Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. KeyCorp raised their price target on Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Evercore ISI started coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective for the company. Piper Sandler reaffirmed a “neutral” rating and issued a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Finally, B. Riley increased their price objective on shares of Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $102.17.

Microchip Technology Stock Down 3.0 %

Shares of MCHP traded down $2.75 during mid-day trading on Friday, hitting $88.77. 5,818,946 shares of the company’s stock were exchanged, compared to its average volume of 5,431,980. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The company has a 50-day simple moving average of $93.54 and a 200 day simple moving average of $89.32. The company has a market cap of $47.63 billion, a PE ratio of 25.58 and a beta of 1.54. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. The firm had revenue of $1.33 billion for 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 company’s revenue for the quarter was down 40.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.56 EPS. On average, research analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company 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 dividend on an annualized basis and a yield of 2.04%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. Microchip Technology’s payout ratio is presently 51.87%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock worth $2,251,857 over the last quarter. 2.07% of the stock is currently owned by insiders.

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.