Private Trust Co. NA Raises Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Private Trust Co. NA raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,585 shares of the semiconductor company’s stock after purchasing an additional 439 shares during the period. Private Trust Co. NA’s holdings in Microchip Technology were worth $689,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of MCHP. Prospera Private Wealth LLC purchased a new position in Microchip Technology in the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology in the third quarter worth approximately $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the third quarter worth approximately $34,000. Pathway Financial Advisers LLC acquired a new position in Microchip Technology in the 1st quarter valued at $39,000. Finally, Versant Capital Management Inc lifted its holdings in Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 2.1 %

NASDAQ:MCHP opened at $68.41 on Wednesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. The stock has a market cap of $36.74 billion, a P/E ratio of 47.84 and a beta of 1.53. The stock has a 50-day simple moving average of $74.27 and a 200-day simple moving average of $82.80.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s revenue was down 48.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.54 earnings per share. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.66%. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MCHP. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Rosenblatt Securities restated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. Jefferies Financial Group reduced their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Piper Sandler lowered their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Profile

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.