Trust Co. of Oklahoma Has $696,000 Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Trust Co. of Oklahoma boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,603 shares of the semiconductor company’s stock after acquiring an additional 203 shares during the quarter. Trust Co. of Oklahoma’s holdings in Microchip Technology were worth $696,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of MCHP. Rise Advisors LLC bought a new position in Microchip Technology during the first quarter valued at $28,000. Pineridge Advisors LLC purchased a new stake in Microchip Technology in the 4th quarter worth about $33,000. Steph & Co. raised its stake in Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares during the period. Pathway Financial Advisers LLC purchased a new stake in Microchip Technology during the first quarter valued at about $39,000. Finally, Bfsg LLC bought a new position in Microchip Technology during the fourth quarter worth about $45,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded down $3.03 during trading on Thursday, hitting $79.78. 8,336,224 shares of the stock traded hands, compared to its average volume of 6,042,399. The stock has a market cap of $42.80 billion, a price-to-earnings ratio of 23.86 and a beta of 1.54. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The firm’s fifty day moving average is $87.18 and its 200-day moving average is $88.57.

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

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be paid a dividend of $0.454 per share. This is a boost 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 2.28%. The ex-dividend date of this dividend is Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the company’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 transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. TD Cowen lowered their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. Citigroup reduced their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. dropped their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Stifel Nicolaus lifted their target price on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $99.95.

Microchip Technology Company 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.