Dorsey & Whitney Trust CO LLC Increases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Dorsey & Whitney Trust CO LLC lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 16.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,422 shares of the semiconductor company’s stock after purchasing an additional 1,173 shares during the quarter. Dorsey & Whitney Trust CO LLC’s holdings in Microchip Technology were worth $756,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of MCHP. BKM Wealth Management LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth $27,000. Rakuten Securities Inc. purchased a new stake in shares of Microchip Technology during the 4th quarter valued at about $27,000. Rise Advisors LLC bought a new position in shares of Microchip Technology in the 1st quarter worth approximately $28,000. Fortitude Family Office LLC bought a new position in shares of Microchip Technology in the 4th quarter worth approximately $29,000. Finally, Pineridge Advisors LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth approximately $33,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction dated Thursday, May 16th. The stock was 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 directly owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the sale, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now directly owns 79,509 shares in the company, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock valued at $2,251,857 in the last quarter. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several recent analyst reports. Needham & Company LLC boosted their price target on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Piper Sandler reaffirmed a “neutral” rating and set a $90.00 price target (up from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. The Goldman Sachs Group increased their price target on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Evercore ISI started coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target on the stock. Finally, KeyCorp upped their price objective on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $102.17.

Microchip Technology Trading Down 3.0 %

Shares of MCHP traded down $2.75 during midday trading on Friday, hitting $88.77. 5,818,664 shares of the stock were exchanged, compared to its average volume of 5,721,555. The stock has a fifty day simple moving average of $93.54 and a 200 day simple moving average of $89.30. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The firm has a market cap of $47.63 billion, a P/E ratio of 25.58 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.56 earnings per share. On average, research analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 2.04%. Microchip Technology’s dividend payout ratio is 52.16%.

About Microchip Technology

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.