Smithfield Trust Co Has $529,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Smithfield Trust Co trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,872 shares of the semiconductor company’s stock after selling 214 shares during the quarter. Smithfield Trust Co’s holdings in Microchip Technology were worth $529,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Principal Securities Inc. acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $984,000. Ethos Financial Group LLC purchased a new position in shares of Microchip Technology during the 4th quarter valued at $238,000. Wrapmanager Inc. boosted its holdings in Microchip Technology by 3.8% in the 4th quarter. Wrapmanager Inc. now owns 5,850 shares of the semiconductor company’s stock worth $528,000 after buying an additional 215 shares during the period. Hills Bank & Trust Co purchased a new position in Microchip Technology during the 4th quarter valued at about $125,000. Finally, National Pension Service grew its position in shares of Microchip Technology by 2.1% during the 4th quarter. National Pension Service now owns 1,176,547 shares of the semiconductor company’s stock valued at $106,101,000 after purchasing an additional 24,211 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 0.0 %

MCHP stock traded up $0.02 during midday trading on Friday, hitting $91.50. The stock had a trading volume of 3,046,687 shares, compared to its average volume of 5,579,161. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The firm has a market cap of $49.45 billion, a price-to-earnings ratio of 26.37, a price-to-earnings-growth ratio of 2.86 and a beta of 1.60. The business has a 50-day moving average of $88.79 and a two-hundred day moving average of $85.46. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $96.14.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.38%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the company posted $1.56 earnings per share. The firm’s quarterly revenue was down 40.6% on a year-over-year basis. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 2.72 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. The ex-dividend date of this dividend is Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.98%. Microchip Technology’s payout ratio is currently 51.87%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Truist Financial increased their target price on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday. Needham & Company LLC increased their target price on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday. TD Cowen lifted their price target on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday. UBS Group increased their price objective on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Evercore ISI assumed coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $98.47.

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.