Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Fulton Bank N.A.

Fulton Bank N.A. boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 10.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 55,409 shares of the semiconductor company’s stock after buying an additional 5,423 shares during the quarter. Fulton Bank N.A.’s holdings in Microchip Technology were worth $4,971,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MCHP. Rise Advisors LLC purchased a new stake in shares of Microchip Technology during the 1st quarter valued at $28,000. GAMMA Investing LLC boosted its holdings in Microchip Technology by 36.9% in the first quarter. GAMMA Investing LLC now owns 4,107 shares of the semiconductor company’s stock valued at $368,000 after acquiring an additional 1,106 shares during the last quarter. CWM LLC grew its position in Microchip Technology by 20.5% during the first quarter. CWM LLC now owns 23,724 shares of the semiconductor company’s stock valued at $2,128,000 after acquiring an additional 4,034 shares during the period. Trust Co. of Toledo NA OH increased its stake in Microchip Technology by 2.6% during the first quarter. Trust Co. of Toledo NA OH now owns 80,101 shares of the semiconductor company’s stock worth $7,186,000 after acquiring an additional 2,052 shares during the last quarter. Finally, Symmetry Partners LLC raised its holdings in shares of Microchip Technology by 27.7% in the 1st quarter. Symmetry Partners LLC now owns 7,728 shares of the semiconductor company’s stock worth $693,000 after purchasing an additional 1,676 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MCHP shares. Piper Sandler reiterated a “neutral” rating and set a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Stifel Nicolaus boosted their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. B. Riley lifted their target price on shares of Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Needham & Company LLC raised their price objective on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Susquehanna upped their target price on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a research report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $101.06.

Read Our Latest Stock Analysis on Microchip Technology

Insiders Place Their Bets

In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the sale, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now directly owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is owned by corporate insiders.

Microchip Technology Stock Performance

NASDAQ:MCHP traded down $4.43 during mid-day trading on Thursday, hitting $89.02. The stock had a trading volume of 8,706,665 shares, compared to its average volume of 5,721,312. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The company has a 50 day simple moving average of $92.36 and a 200-day simple moving average of $88.91. The stock has a market capitalization of $47.79 billion, a price-to-earnings ratio of 25.65 and a beta of 1.55. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHPGet Free Report) last announced its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm’s revenue for the quarter was down 40.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.56 EPS. On average, research analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were given a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a dividend yield of 2.03%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s payout ratio is 52.16%.

Microchip Technology Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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