Truist Financial Corp Purchases 96,097 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Truist Financial Corp raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,304,440 shares of the semiconductor company’s stock after purchasing an additional 96,097 shares during the period. Truist Financial Corp owned approximately 0.43% of Microchip Technology worth $210,856,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. EP Wealth Advisors LLC raised its holdings in shares of Microchip Technology by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 14,461 shares of the semiconductor company’s stock worth $1,323,000 after buying an additional 266 shares in the last quarter. NewEdge Advisors LLC grew its position in Microchip Technology by 12.1% in the second quarter. NewEdge Advisors LLC now owns 25,714 shares of the semiconductor company’s stock valued at $2,353,000 after acquiring an additional 2,777 shares during the last quarter. Nemes Rush Group LLC raised its stake in Microchip Technology by 0.7% during the second quarter. Nemes Rush Group LLC now owns 28,511 shares of the semiconductor company’s stock worth $2,609,000 after acquiring an additional 197 shares in the last quarter. Magnolia Capital Advisors LLC bought a new position in shares of Microchip Technology in the second quarter worth about $360,000. Finally, Creative Planning boosted its stake in shares of Microchip Technology by 2.5% in the 2nd quarter. Creative Planning now owns 115,830 shares of the semiconductor company’s stock valued at $10,598,000 after purchasing an additional 2,797 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.07% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the subject of several research reports. B. Riley dropped their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Finally, TD Cowen reduced their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $99.47.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $80.29 on Tuesday. The firm has a market capitalization of $43.08 billion, a P/E ratio of 23.14 and a beta of 1.53. The firm’s 50-day moving average price is $79.55 and its 200-day moving average price is $87.23. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57.

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

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.26%. Microchip Technology’s dividend payout ratio is presently 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.