Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 21.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,461 shares of the semiconductor company’s stock after purchasing an additional 1,832 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Microchip Technology were worth $957,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in Microchip Technology in the 4th quarter worth $672,196,000. Clearbridge Investments LLC boosted its position in shares of Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after acquiring an additional 1,962,685 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares during the last quarter. Truist Financial Corp boosted its position in shares of Microchip Technology by 324.0% during the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock valued at $163,678,000 after acquiring an additional 1,386,924 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after acquiring an additional 1,114,962 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Down 2.0 %

Microchip Technology stock traded down $1.67 during mid-day trading on Tuesday, hitting $80.36. The company had a trading volume of 1,142,317 shares, compared to its average volume of 6,006,768. The stock has a market cap of $43.11 billion, a price-to-earnings ratio of 23.64 and a beta of 1.54. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The business has a fifty day moving average of $87.68 and a 200 day moving average of $88.63.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period last year, the firm posted $1.56 earnings per share. On average, sell-side analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.454 per share. The ex-dividend date is Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.26%. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Insider Transactions at Microchip Technology

In other news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO James Eric Bjornholt sold 3,188 shares of the 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 of the company’s stock, valued at $3,325,034.86. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction 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 sale, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,163 shares of company stock worth $598,737. Insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. Needham & Company LLC decreased their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Truist Financial decreased their target price on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group increased their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $99.95.

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.