Valley National Advisers Inc. Has $1.03 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Valley National Advisers Inc. raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 136.0% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 11,519 shares of the semiconductor company’s stock after acquiring an additional 6,639 shares during the quarter. Valley National Advisers Inc.’s holdings in Microchip Technology were worth $1,033,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Trust Co. of Oklahoma lifted its stake in Microchip Technology by 7.2% in the first quarter. Trust Co. of Oklahoma now owns 7,400 shares of the semiconductor company’s stock valued at $664,000 after buying an additional 494 shares during the period. IVC Wealth Advisors LLC increased its holdings in shares of Microchip Technology by 5.9% during the first quarter. IVC Wealth Advisors LLC now owns 3,294 shares of the semiconductor company’s stock valued at $296,000 after acquiring an additional 184 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Microchip Technology by 0.4% during the first quarter. State of Alaska Department of Revenue now owns 58,642 shares of the semiconductor company’s stock valued at $5,260,000 after acquiring an additional 210 shares in the last quarter. Cullinan Associates Inc. increased its holdings in shares of Microchip Technology by 34.9% during the first quarter. Cullinan Associates Inc. now owns 11,600 shares of the semiconductor company’s stock valued at $1,041,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Iams Wealth Management LLC increased its holdings in shares of Microchip Technology by 7.5% during the first quarter. Iams Wealth Management LLC now owns 14,539 shares of the semiconductor company’s stock valued at $1,195,000 after acquiring an additional 1,012 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The sale was disclosed in a filing with the SEC, which can be accessed 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 value of $318,736.24. Following the completion of the transaction, 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. In the last 90 days, insiders sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is owned by company insiders.

Microchip Technology Stock Up 1.7 %

MCHP stock opened at $93.58 on Thursday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The company has a market capitalization of $50.24 billion, a price-to-earnings ratio of 26.97 and a beta of 1.54. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The stock has a fifty day moving average of $93.30 and a 200-day moving average of $89.09.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.56 EPS. As a group, equities research analysts predict that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were paid a dividend of $0.452 per share. 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. This represents a $1.81 annualized dividend and a dividend yield of 1.93%. Microchip Technology’s dividend payout ratio is presently 52.16%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MCHP shares. Piper Sandler restated a “neutral” rating and set a $90.00 price objective (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Truist Financial boosted their price objective on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Citigroup boosted their price objective on Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Needham & Company LLC upped their price target on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Finally, KeyCorp upped their price target on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Microchip Technology 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.