Truist Financial Corp Grows Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Truist Financial Corp raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,304,440 shares of the semiconductor company’s stock after buying an additional 96,097 shares during the period. Truist Financial Corp’s holdings in Microchip Technology were worth $210,856,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Financial Counselors Inc. boosted its holdings 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 purchasing an additional 119 shares during the period. SeaCrest Wealth Management LLC boosted its stake in Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after buying an additional 131 shares during the period. Horizon Bancorp Inc. IN grew its position in Microchip Technology by 11.8% during the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after buying an additional 145 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after acquiring an additional 148 shares during the last quarter. Finally, Steph & Co. raised its holdings in shares of 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 in the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MCHP shares. TD Cowen decreased their price objective 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. Needham & Company LLC decreased their price target on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. B. Riley dropped their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. JPMorgan Chase & Co. reduced their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $99.47.

Microchip Technology Stock Performance

Shares of MCHP opened at $80.29 on Tuesday. The company has a market cap of $43.08 billion, a price-to-earnings ratio of 23.14 and a beta of 1.53. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The business’s fifty day simple moving average is $79.55 and its two-hundred day simple moving average is $87.23.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $1.56 EPS. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. Research analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.26%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is presently 52.16%.

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.