Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Rockland Trust Co.

Rockland Trust Co. increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 15.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,499 shares of the semiconductor company’s stock after acquiring an additional 590 shares during the period. Rockland Trust Co.’s holdings in Microchip Technology were worth $361,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Oppenheimer & Co. Inc. raised its stake in Microchip Technology by 3.2% in the fourth quarter. Oppenheimer & Co. Inc. now owns 36,084 shares of the semiconductor company’s stock valued at $3,254,000 after buying an additional 1,125 shares in the last quarter. Cetera Advisor Networks LLC lifted its stake in shares of Microchip Technology by 21.8% in the 4th quarter. Cetera Advisor Networks LLC now owns 94,756 shares of the semiconductor company’s stock worth $8,545,000 after acquiring an additional 16,973 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Microchip Technology by 49.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 1,658,262 shares of the semiconductor company’s stock worth $149,542,000 after buying an additional 549,735 shares in the last quarter. Watchman Group Inc. acquired a new position in Microchip Technology during the fourth quarter worth $3,555,000. Finally, Personal CFO Solutions LLC increased its holdings in shares of Microchip Technology by 10.6% in the 4th quarter. Personal CFO Solutions LLC now owns 5,933 shares of the semiconductor company’s stock valued at $535,000 after purchasing an additional 571 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was 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 directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.07% of the stock is currently owned by insiders.

Microchip Technology Stock Performance

Shares of MCHP traded up $0.35 during midday trading on Friday, hitting $77.68. 4,228,462 shares of the stock traded hands, compared to its average volume of 6,041,859. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The business’s 50 day moving average price is $78.80 and its two-hundred day moving average price is $86.95. The firm has a market capitalization of $41.68 billion, a PE ratio of 22.39 and a beta of 1.52. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57.

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

Microchip Technology Increases Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MCHP. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $90.00 to $100.00 in a research report on Friday, August 16th. JPMorgan Chase & Co. decreased their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, TD Cowen reduced their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $99.47.

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.