Citizens Financial Group Inc. RI Buys New Shares in Microchip Technology Incorporated (NASDAQ:MCHP)

Citizens Financial Group Inc. RI purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,725 shares of the semiconductor company’s stock, valued at approximately $890,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Gilbert & Cook Inc. raised its stake in Microchip Technology by 8.5% in the fourth quarter. Gilbert & Cook Inc. now owns 5,354 shares of the semiconductor company’s stock valued at $483,000 after buying an additional 421 shares during the period. Level Four Advisory Services LLC lifted its holdings in Microchip Technology by 6.9% during the 4th quarter. Level Four Advisory Services LLC now owns 5,320 shares of the semiconductor company’s stock valued at $480,000 after purchasing an additional 344 shares during the last quarter. Coldstream Capital Management Inc. boosted its position in Microchip Technology by 15.1% during the fourth quarter. Coldstream Capital Management Inc. now owns 10,814 shares of the semiconductor company’s stock worth $975,000 after purchasing an additional 1,418 shares during the period. D.A. Davidson & CO. increased its holdings in shares of Microchip Technology by 82.6% in the fourth quarter. D.A. Davidson & CO. now owns 11,284 shares of the semiconductor company’s stock valued at $1,018,000 after purchasing an additional 5,103 shares during the last quarter. Finally, CreativeOne Wealth LLC raised its position in shares of Microchip Technology by 8.2% in the fourth quarter. CreativeOne Wealth LLC now owns 25,815 shares of the semiconductor company’s stock valued at $2,328,000 after purchasing an additional 1,964 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MCHP. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their price target for the company from $85.00 to $115.00 in a research note on Friday, May 24th. Needham & Company LLC lowered their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. JPMorgan Chase & Co. reduced their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Citigroup lowered their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.95.

Microchip Technology Price Performance

NASDAQ MCHP opened at $77.00 on Wednesday. The business has a fifty day moving average price of $82.12 and a two-hundred day moving average price of $87.94. The stock has a market capitalization of $41.31 billion, a PE ratio of 22.19 and a beta of 1.53. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s revenue 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. Equities analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.36%. 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 currently 52.16%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.07% of the stock is owned by insiders.

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.