Fifth Third Wealth Advisors LLC Boosts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Fifth Third Wealth Advisors LLC boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,101 shares of the semiconductor company’s stock after buying an additional 299 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Microchip Technology were worth $368,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. BKM Wealth Management LLC purchased a new stake in Microchip Technology during the 4th quarter worth approximately $27,000. Rakuten Securities Inc. acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $27,000. Rise Advisors LLC acquired a new position in shares of Microchip Technology during the 1st quarter worth approximately $28,000. Fortitude Family Office LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $29,000. Finally, Pineridge Advisors LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $33,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

In related news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,993 shares of company stock worth $2,251,857. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ MCHP traded down $0.62 during trading hours on Thursday, hitting $89.43. The company had a trading volume of 5,686,458 shares, compared to its average volume of 5,728,236. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a market cap of $48.01 billion, a PE ratio of 25.77 and a beta of 1.55. The business has a 50 day moving average of $92.72 and a 200-day moving average of $89.08.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the firm posted $1.56 earnings per share. Microchip Technology’s revenue for the quarter was down 40.6% on a year-over-year basis. As a group, equities research analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were paid a dividend of $0.452 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 2.02%. Microchip Technology’s dividend payout ratio is 52.16%.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several recent research reports. Citigroup boosted their target price on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Susquehanna upped their price objective on Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a report on Tuesday, May 7th. TD Cowen upped their price objective on Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, May 7th. Evercore ISI started coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective on the stock. Finally, Truist Financial upped their price objective on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

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.