Hills Bank & Trust Co Boosts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Hills Bank & Trust Co increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 158.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,376 shares of the semiconductor company’s stock after purchasing an additional 3,911 shares during the quarter. Hills Bank & Trust Co’s holdings in Microchip Technology were worth $583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Swedbank AB purchased a new position in shares of Microchip Technology during the first quarter valued at approximately $1,079,000. Caxton Associates LP lifted its position in shares of Microchip Technology by 4,511.5% in the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after purchasing an additional 391,326 shares during the period. SageView Advisory Group LLC boosted its stake in shares of Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares in the last quarter. RFG Advisory LLC increased its position in shares of Microchip Technology by 228.4% during the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after buying an additional 8,931 shares during the period. Finally, Hennessy Advisors Inc. raised its stake in Microchip Technology by 2,194.5% in the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after buying an additional 31,996 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP traded down $0.74 during trading hours on Monday, reaching $81.05. The company had a trading volume of 431,347 shares, compared to its average volume of 5,997,213. The firm has a market cap of $43.48 billion, a price-to-earnings ratio of 23.57 and a beta of 1.54. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The firm’s 50 day moving average price is $86.73 and its 200-day moving average price is $88.55. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the company posted $1.56 earnings per share. Microchip Technology’s revenue was down 45.8% compared to the same quarter last year. On average, analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.24%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Activity at Microchip Technology

In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.07% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Citigroup decreased their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. TD Cowen lowered their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Truist Financial decreased their target price on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Finally, Susquehanna lowered their price objective on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $99.95.

Microchip Technology Company Profile

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.