TIAA Trust National Association Has $914,000 Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

TIAA Trust National Association cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,191 shares of the semiconductor company’s stock after selling 379 shares during the period. TIAA Trust National Association’s holdings in Microchip Technology were worth $914,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. BKM Wealth Management LLC acquired a new stake in Microchip Technology during the 4th quarter valued at $27,000. Rakuten Securities Inc. acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $27,000. Rise Advisors LLC acquired a new stake in shares of Microchip Technology in the 1st quarter valued at $28,000. Fortitude Family Office LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $29,000. Finally, Pineridge Advisors LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $33,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MCHP shares. The Goldman Sachs Group lifted their target price on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and lifted their target price for the company from $85.00 to $115.00 in a research note on Friday, May 24th. Needham & Company LLC lifted their target price on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Piper Sandler reissued a “neutral” rating and issued a $90.00 target price (up from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Finally, Citigroup raised their price target on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $102.17.

Microchip Technology Trading Down 3.0 %

MCHP stock traded down $2.75 during midday trading on Friday, hitting $88.77. 5,818,946 shares of the company’s stock were exchanged, compared to its average volume of 5,431,980. The stock’s fifty day moving average price is $93.54 and its 200-day moving average price is $89.32. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a market cap of $47.63 billion, a PE ratio of 25.58 and a beta of 1.54. 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 (NASDAQ:MCHP) last released its quarterly earnings results 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 return on equity of 36.78% and a net margin of 24.98%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the business posted $1.56 EPS. The company’s revenue for the quarter was down 40.6% on a year-over-year basis. Research analysts predict that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a $0.452 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a dividend yield of 2.04%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 51.87%.

Insider Activity at Microchip Technology

In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the business’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 transaction of $744,319.80. Following the transaction, the vice president now owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is owned by insiders.

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.