CHICAGO TRUST Co NA Sells 338 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

CHICAGO TRUST Co NA decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,366 shares of the semiconductor company’s stock after selling 338 shares during the quarter. CHICAGO TRUST Co NA’s holdings in Microchip Technology were worth $392,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $672,196,000. Truist Financial Corp raised its holdings in shares of Microchip Technology by 324.0% in the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock valued at $163,678,000 after purchasing an additional 1,386,924 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of Microchip Technology by 76.6% in the 4th quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock valued at $184,251,000 after purchasing an additional 886,068 shares in the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of Microchip Technology by 122.1% in 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 in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 16.0% in the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after purchasing an additional 714,376 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Piper Sandler restated a “neutral” rating and issued a $90.00 price target (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. B. Riley boosted their price target on shares of Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. TD Cowen boosted their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, May 7th. Truist Financial boosted their price objective on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Finally, The Goldman Sachs Group boosted their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Microchip Technology Stock Down 2.6 %

MCHP stock opened at $89.18 on Tuesday. The firm’s fifty day simple moving average is $92.55 and its 200-day simple moving average is $89.05. The company has a market capitalization of $47.88 billion, a P/E ratio of 25.70 and a beta of 1.55. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the business posted $1.56 EPS. The business’s revenue was down 40.6% compared to the same quarter last year. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were paid 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 2.03%. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s payout ratio is currently 52.16%.

Insiders Place Their Bets

In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the transaction, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction dated Wednesday, May 8th. The shares were 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 in the company, valued at $7,470,608.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the sale, the vice president now owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,993 shares of company stock worth $2,251,857. Company insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

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.