Northwest Bank & Trust Co Boosts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Northwest Bank & Trust Co raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 7,175 shares of the semiconductor company’s stock after acquiring an additional 205 shares during the period. Northwest Bank & Trust Co’s holdings in Microchip Technology were worth $576,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Ossiam grew its holdings in shares of Microchip Technology by 13.3% during the fourth quarter. Ossiam now owns 9,359 shares of the semiconductor company’s stock worth $844,000 after buying an additional 1,100 shares in the last quarter. BOKF NA lifted its position in Microchip Technology by 14.4% during the fourth quarter. BOKF NA now owns 84,819 shares of the semiconductor company’s stock valued at $7,649,000 after buying an additional 10,678 shares in the last quarter. Ethic Inc. lifted its position in Microchip Technology by 28.2% during the fourth quarter. Ethic Inc. now owns 66,655 shares of the semiconductor company’s stock valued at $6,011,000 after buying an additional 14,666 shares in the last quarter. First Long Island Investors LLC lifted its position in Microchip Technology by 157.1% during the fourth quarter. First Long Island Investors LLC now owns 324,377 shares of the semiconductor company’s stock valued at $29,252,000 after buying an additional 198,206 shares in the last quarter. Finally, Orleans Capital Management Corp LA lifted its position in Microchip Technology by 3.3% during the fourth quarter. Orleans Capital Management Corp LA now owns 23,017 shares of the semiconductor company’s stock valued at $2,076,000 after buying an additional 730 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Citigroup dropped their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Susquehanna lowered their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a report on Friday, August 2nd. Finally, StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $99.47.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Down 0.8 %

Shares of NASDAQ:MCHP traded down $0.65 during trading hours on Thursday, hitting $77.54. 1,037,994 shares of the company’s stock traded hands, compared to its average volume of 6,000,098. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The firm has a market capitalization of $41.60 billion, a P/E ratio of 22.53 and a beta of 1.52. The business has a fifty day moving average price of $78.18 and a 200-day moving average price of $86.72. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the business earned $1.56 EPS. Microchip Technology’s revenue for the quarter was down 45.8% on a year-over-year basis. Equities analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.34%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 52.16%.

About Microchip Technology

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.