Trust Co. of Oklahoma Sells 1,414 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Trust Co. of Oklahoma reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 18.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,189 shares of the semiconductor company’s stock after selling 1,414 shares during the quarter. Trust Co. of Oklahoma’s holdings in Microchip Technology were worth $497,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Swedbank AB increased its position in Microchip Technology by 62.3% in the third quarter. Swedbank AB now owns 34,885 shares of the semiconductor company’s stock worth $2,801,000 after buying an additional 13,392 shares during the last quarter. Boomfish Wealth Group LLC increased its position in Microchip Technology by 18.6% in the third quarter. Boomfish Wealth Group LLC now owns 28,552 shares of the semiconductor company’s stock worth $2,292,000 after buying an additional 4,472 shares during the last quarter. Iams Wealth Management LLC increased its position in Microchip Technology by 16.7% in the third quarter. Iams Wealth Management LLC now owns 18,856 shares of the semiconductor company’s stock worth $1,514,000 after buying an additional 2,693 shares during the last quarter. Creative Planning increased its position in Microchip Technology by 0.6% in the third quarter. Creative Planning now owns 116,549 shares of the semiconductor company’s stock worth $9,358,000 after buying an additional 719 shares during the last quarter. Finally, CX Institutional increased its position in Microchip Technology by 6.4% in the third quarter. CX Institutional now owns 12,902 shares of the semiconductor company’s stock worth $1,036,000 after buying an additional 776 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MCHP shares. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and reduced their price target for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Needham & Company LLC reduced their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Finally, Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $99.47.

Microchip Technology Price Performance

MCHP stock traded down $3.60 during mid-day trading on Tuesday, hitting $75.39. 3,160,974 shares of the stock were exchanged, compared to its average volume of 5,978,089. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The business has a fifty day moving average price of $78.19 and a 200 day moving average price of $86.49. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The stock has a market capitalization of $40.45 billion, a price-to-earnings ratio of 22.76 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the company posted $1.56 earnings per share. The company’s revenue was down 45.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date was Thursday, August 22nd. This is a positive change 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.