Trust Co of Kansas Sells 5,711 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Trust Co of Kansas cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 84,896 shares of the semiconductor company’s stock after selling 5,711 shares during the quarter. Microchip Technology makes up approximately 4.2% of Trust Co of Kansas’ portfolio, making the stock its 8th biggest position. Trust Co of Kansas’ holdings in Microchip Technology were worth $7,656,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Parkside Financial Bank & Trust increased its position in shares of Microchip Technology by 12.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,051 shares of the semiconductor company’s stock valued at $185,000 after purchasing an additional 227 shares during the last quarter. Illinois Municipal Retirement Fund grew its stake in shares of Microchip Technology by 10.9% during the fourth quarter. Illinois Municipal Retirement Fund now owns 40,838 shares of the semiconductor company’s stock worth $3,683,000 after purchasing an additional 3,999 shares in the last quarter. Foster & Motley Inc. increased its holdings in Microchip Technology by 19.9% in the fourth quarter. Foster & Motley Inc. now owns 47,255 shares of the semiconductor company’s stock valued at $4,261,000 after buying an additional 7,856 shares during the last quarter. RWA Wealth Partners LLC acquired a new stake in Microchip Technology in the fourth quarter valued at $603,000. Finally, Jennison Associates LLC purchased a new stake in Microchip Technology during the 4th quarter worth about $14,944,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. UBS Group cut their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Truist Financial reduced their price objective on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Thursday, January 18th. The Goldman Sachs Group cut their price target on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research note on Friday, February 2nd. Finally, TD Cowen upped their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.50.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock traded up $2.92 during midday trading on Tuesday, hitting $86.45. The company had a trading volume of 2,570,215 shares, compared to its average volume of 5,491,653. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $94.30. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The company’s 50 day simple moving average is $86.50 and its 200 day simple moving average is $84.41. The stock has a market cap of $46.72 billion, a price-to-earnings ratio of 19.52, a PEG ratio of 2.49 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the business earned $1.48 EPS. The business’s revenue was down 18.6% on a year-over-year basis. Research analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a dividend of $0.45 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a yield of 2.08%. Microchip Technology’s payout ratio is presently 42.06%.

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.