Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Private Trust Co. NA

Private Trust Co. NA raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.4% during the third quarter, HoldingsChannel reports. The firm owned 8,585 shares of the semiconductor company’s stock after buying an additional 439 shares during the period. Private Trust Co. NA’s holdings in Microchip Technology were worth $689,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology during the third quarter worth about $29,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology during the 3rd quarter worth approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology in the 3rd quarter valued at approximately $34,000. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology in the first quarter valued at approximately $39,000. Finally, Versant Capital Management Inc raised its stake in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $68.41 on Wednesday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The stock has a market cap of $36.74 billion, a price-to-earnings ratio of 47.84 and a beta of 1.53. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The business has a fifty day moving average of $74.27 and a 200-day moving average of $82.80.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.54 EPS. As a group, analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.455 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.66%. Microchip Technology’s payout ratio is 127.27%.

Analyst Ratings Changes

MCHP has been the subject of a number of analyst reports. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Rosenblatt Securities reissued a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. B. Riley lowered their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Susquehanna reduced their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Finally, Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.