29,504 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Purchased by Cetera Trust Company N.A

Cetera Trust Company N.A purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 29,504 shares of the semiconductor company’s stock, valued at approximately $2,661,000. Microchip Technology makes up 1.7% of Cetera Trust Company N.A’s portfolio, making the stock its 15th largest position.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Microchip Technology in the fourth quarter worth about $412,120,000. Mizuho Markets Americas LLC bought a new stake in Microchip Technology in the third quarter worth about $225,800,000. Prudential Financial Inc. lifted its stake in Microchip Technology by 98.5% in the first quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock worth $154,518,000 after purchasing an additional 1,020,624 shares during the last quarter. Qube Research & Technologies Ltd lifted its stake in Microchip Technology by 122.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after purchasing an additional 840,526 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in Microchip Technology by 173.4% in the third quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after purchasing an additional 673,924 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MCHP shares. Susquehanna reaffirmed a “positive” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Monday, April 8th. Piper Sandler downgraded shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target for the company. in a research note on Thursday, January 4th. Needham & Company LLC lifted their price target on shares of Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday. 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 price objective for the company. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $92.50.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Trading Down 3.0 %

Shares of Microchip Technology stock traded down $2.53 during mid-day trading on Friday, hitting $81.68. The stock had a trading volume of 6,912,273 shares, compared to its average volume of 4,081,499. The firm has a 50-day moving average of $86.50 and a two-hundred day moving average of $84.32. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.30. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The firm has a market cap of $44.14 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 2.49 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the company posted $1.48 EPS. The business’s revenue for the quarter was down 18.6% on a year-over-year basis. Sell-side analysts forecast that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.20%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

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.