First Financial Bank Trust Division reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 7.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,292 shares of the semiconductor company’s stock after selling 700 shares during the quarter. First Financial Bank Trust Division’s holdings in Microchip Technology were worth $743,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Duality Advisers LP acquired a new stake in Microchip Technology during the 1st quarter worth $919,000. Psagot Value Holdings Ltd. Israel increased its stake in Microchip Technology by 5.4% in the first quarter. Psagot Value Holdings Ltd. Israel now owns 2,815 shares of the semiconductor company’s stock valued at $231,000 after purchasing an additional 145 shares during the period. EP Wealth Advisors LLC acquired a new position in Microchip Technology in the first quarter valued at $14,332,000. Ontario Teachers Pension Plan Board increased its stake in Microchip Technology by 413.0% in the first quarter. Ontario Teachers Pension Plan Board now owns 19,777 shares of the semiconductor company’s stock valued at $1,657,000 after purchasing an additional 15,922 shares during the period. Finally, Prelude Capital Management LLC increased its stake in Microchip Technology by 115.1% in the first quarter. Prelude Capital Management LLC now owns 15,568 shares of the semiconductor company’s stock valued at $1,304,000 after purchasing an additional 8,332 shares during the period. 90.85% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, CFO James Eric Bjornholt sold 2,363 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $78.63, for a total transaction of $185,802.69. Following the completion of the transaction, the chief financial officer now owns 32,004 shares of the company’s stock, valued at $2,516,474.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.07% of the stock is currently owned by company insiders.
Microchip Technology Stock Up 0.4 %
Microchip Technology (NASDAQ:MCHP – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.64 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.64. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.29 billion. Microchip Technology had a net margin of 27.35% and a return on equity of 51.51%. The company’s revenue was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.30 earnings per share. Equities analysts anticipate that Microchip Technology Incorporated will post 5.8 EPS for the current fiscal year.
Microchip Technology Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Tuesday, August 22nd were given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, August 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.38. Microchip Technology’s payout ratio is currently 37.96%.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on MCHP shares. Needham & Company LLC restated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research note on Monday, August 7th. Stifel Nicolaus lifted their price objective on shares of Microchip Technology from $95.00 to $105.00 and gave the company an “equal weight” rating in a research note on Thursday, July 20th. Truist Financial lifted their price objective on shares of Microchip Technology from $95.00 to $104.00 and gave the company a “buy” rating in a research note on Friday, July 14th. Susquehanna dropped their price objective on shares of Microchip Technology from $105.00 to $100.00 and set a “positive” rating on the stock in a research note on Friday, August 4th. Finally, Mizuho lowered their target price on shares of Microchip Technology from $89.00 to $86.00 and set a “neutral” rating on the stock in a report on Friday, August 4th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.18.
About Microchip Technology
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.
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