Burke & Herbert Bank & Trust Co. lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 7.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,865 shares of the semiconductor company’s stock after selling 219 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Microchip Technology were worth $257,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the business. Financial Gravity Asset Management Inc. increased its position in Microchip Technology by 388.6% during the first quarter. Financial Gravity Asset Management Inc. now owns 342 shares of the semiconductor company’s stock valued at $367,000 after acquiring an additional 272 shares during the last quarter. Optimum Investment Advisors bought a new position in Microchip Technology during the first quarter valued at $29,000. VitalStone Financial LLC bought a new position in Microchip Technology during the first quarter valued at $38,000. Live Oak Investment Partners bought a new position in Microchip Technology during the fourth quarter valued at $30,000. Finally, Milestone Investment Advisors LLC bought a new position in Microchip Technology during the first quarter valued at $39,000. Institutional investors own 90.85% of the company’s stock.
Insider Activity at Microchip Technology
In related news, CFO James Eric Bjornholt sold 2,363 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $78.63, for a total value of $185,802.69. Following the completion of the transaction, the chief financial officer now directly owns 32,004 shares of the company’s stock, valued at approximately $2,516,474.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.07% of the stock is currently owned by insiders.
Microchip Technology Stock Up 0.4 %
Microchip Technology (NASDAQ:MCHP – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.64 EPS for the quarter, meeting the consensus estimate of $1.64. The firm 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%. Microchip Technology’s revenue was up 16.6% on a year-over-year basis. During the same period last year, the firm posted $1.30 EPS. Equities analysts predict that Microchip Technology Incorporated will post 5.8 EPS for the current year.
Microchip Technology Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Tuesday, August 22nd were given a $0.41 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.38. This represents a $1.64 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Monday, August 21st. Microchip Technology’s dividend payout ratio (DPR) is presently 37.96%.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on the stock. Morgan Stanley boosted their price objective on shares of Microchip Technology from $97.00 to $101.00 and gave the company an “overweight” rating in a research report on Friday, August 4th. Mizuho cut their price target 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. Wolfe Research initiated coverage on shares of Microchip Technology in a report on Wednesday, July 19th. They issued a “market perform” rating on the stock. StockNews.com initiated coverage on shares of Microchip Technology in a report on Thursday, August 17th. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company upped their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Friday, August 4th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $98.18.
Microchip Technology Company 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.
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