Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by STAR Financial Bank

STAR Financial Bank lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 1.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,523 shares of the semiconductor company’s stock after selling 148 shares during the period. STAR Financial Bank’s holdings in Microchip Technology were worth $854,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of MCHP. Mediolanum International Funds Ltd acquired a new position in Microchip Technology during the 1st quarter worth about $5,166,000. Larson Financial Group LLC acquired a new position in Microchip Technology during the 1st quarter worth about $85,000. Rehmann Capital Advisory Group lifted its stake in Microchip Technology by 8.2% during the 1st quarter. Rehmann Capital Advisory Group now owns 3,237 shares of the semiconductor company’s stock worth $290,000 after acquiring an additional 246 shares in the last quarter. Commerce Bank increased its holdings in Microchip Technology by 0.5% during the 1st quarter. Commerce Bank now owns 157,222 shares of the semiconductor company’s stock worth $14,104,000 after purchasing an additional 719 shares during the period. Finally, Boomfish Wealth Group LLC increased its holdings in Microchip Technology by 2.7% during the 1st quarter. Boomfish Wealth Group LLC now owns 24,418 shares of the semiconductor company’s stock worth $2,191,000 after purchasing an additional 644 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several recent research reports. Needham & Company LLC upped their price target on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Jefferies Financial Group initiated coverage on Microchip Technology in a report on Monday, May 13th. They set a “buy” rating and a $115.00 price target on the stock. Truist Financial upped their price target on Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Stifel Nicolaus increased their price objective on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Finally, TD Cowen increased 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. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Read Our Latest Stock Analysis on Microchip Technology

Insider Activity

In other news, VP Stephen V. Drehobl sold 7,830 shares of the firm’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 value of $744,319.80. Following the completion of the sale, the vice president now directly owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was 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 directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 7,830 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the sale, the vice president now directly owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The disclosure for this sale can be found here. Insiders sold 23,993 shares of company stock valued at $2,251,857 in the last three months. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Stock Performance

Microchip Technology stock traded up $3.64 during mid-day trading on Wednesday, reaching $95.98. 6,385,573 shares of the company were exchanged, compared to its average volume of 5,720,907. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The firm’s 50-day simple moving average is $93.50 and its two-hundred day simple moving average is $89.23. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The firm has a market cap of $51.53 billion, a PE ratio of 27.66 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHPGet Free Report) last posted its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the firm earned $1.56 EPS. The firm’s revenue for the quarter was down 40.6% on a year-over-year basis. Equities analysts predict that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a $0.452 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 1.88%. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

About Microchip Technology

(Free Report)

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.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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