Trust Co of Kansas Has $7.66 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Trust Co of Kansas trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 84,896 shares of the semiconductor company’s stock after selling 5,711 shares during the period. Microchip Technology makes up approximately 4.2% of Trust Co of Kansas’ investment portfolio, making the stock its 8th largest holding. Trust Co of Kansas’ holdings in Microchip Technology were worth $7,656,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mizuho Markets Americas LLC bought a new position in shares of Microchip Technology in the third quarter valued at approximately $225,800,000. Qube Research & Technologies Ltd increased its position in shares of Microchip Technology by 122.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock valued at $119,353,000 after purchasing an additional 840,526 shares during the period. Public Sector Pension Investment Board increased its position in shares of Microchip Technology by 173.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock valued at $82,937,000 after purchasing an additional 673,924 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Microchip Technology by 1,082.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 715,875 shares of the semiconductor company’s stock worth $64,558,000 after buying an additional 655,332 shares in the last quarter. Finally, Deutsche Bank AG lifted its holdings in shares of Microchip Technology by 27.8% in the third quarter. Deutsche Bank AG now owns 1,927,892 shares of the semiconductor company’s stock valued at $150,472,000 after buying an additional 418,869 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The shares were 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 $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The shares were 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 of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on MCHP. TD Cowen lifted their target price on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, February 2nd. Piper Sandler downgraded shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price on the stock. in a report on Thursday, January 4th. Needham & Company LLC raised their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Truist Financial decreased their price target on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, January 9th. Finally, UBS Group cut their price objective on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $92.50.

Microchip Technology Stock Up 3.5 %

MCHP traded up $2.92 on Tuesday, reaching $86.45. 2,570,215 shares of the company traded hands, compared to its average volume of 5,491,653. The company has a market cap of $46.72 billion, a price-to-earnings ratio of 19.52, a PEG ratio of 2.49 and a beta of 1.65. 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 stock’s 50 day moving average price is $86.50 and its 200-day moving average price is $84.41. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $94.30.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS 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 for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the previous year, the company posted $1.48 EPS. Microchip Technology’s revenue was down 18.6% on a year-over-year basis. On average, sell-side analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.08%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s payout ratio is currently 42.06%.

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.