Microchip Technology Incorporated (NASDAQ:MCHP) Position Boosted by Rockland Trust Co.

Rockland Trust Co. raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 15.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,499 shares of the semiconductor company’s stock after purchasing an additional 590 shares during the quarter. Rockland Trust Co.’s holdings in Microchip Technology were worth $361,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on MCHP. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $102.00 to $100.00 in a report on Thursday, July 11th. B. Riley decreased their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price target for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Needham & Company LLC lowered their price target 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. Finally, Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $99.47.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.07% of the stock is owned by insiders.

Microchip Technology Stock Up 0.5 %

MCHP stock traded up $0.35 during trading on Friday, reaching $77.68. The stock had a trading volume of 4,228,462 shares, compared to its average volume of 6,041,859. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company’s 50 day moving average is $78.80 and its two-hundred day moving average is $86.95. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $41.68 billion, a price-to-earnings ratio of 22.39 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the business posted $1.56 EPS. The business’s revenue for the quarter was down 45.8% compared to the same quarter last year. Equities research analysts forecast that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.34%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

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.