Tompkins Financial Corp Lowers Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Tompkins Financial Corp lessened its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 42.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,701 shares of the semiconductor company’s stock after selling 2,780 shares during the period. Tompkins Financial Corp’s holdings in Microchip Technology were worth $179,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Janney Montgomery Scott LLC increased its holdings in shares of Microchip Technology by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 95,634 shares of the semiconductor company’s stock worth $5,485,000 after buying an additional 987 shares during the last quarter. Blue Trust Inc. increased its stake in Microchip Technology by 17.6% in the fourth quarter. Blue Trust Inc. now owns 12,383 shares of the semiconductor company’s stock valued at $710,000 after acquiring an additional 1,850 shares during the last quarter. KBC Group NV raised its position in Microchip Technology by 5.7% during the fourth quarter. KBC Group NV now owns 96,413 shares of the semiconductor company’s stock valued at $5,529,000 after purchasing an additional 5,178 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Microchip Technology by 10.0% during the fourth quarter. Pacer Advisors Inc. now owns 100,434 shares of the semiconductor company’s stock worth $5,760,000 after purchasing an additional 9,152 shares during the last quarter. Finally, Forsta AP Fonden boosted its holdings in shares of Microchip Technology by 3.9% in the 4th quarter. Forsta AP Fonden now owns 116,200 shares of the semiconductor company’s stock worth $6,664,000 after purchasing an additional 4,400 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer now owns 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director now owns 3,468 shares of the company’s stock, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $58.11 on Friday. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $98.10. The stock has a market capitalization of $31.30 billion, a P/E ratio of 103.77 and a beta of 1.42. The company’s 50-day moving average is $48.46 and its 200 day moving average is $55.08. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business had revenue of $970.50 million for the quarter, compared to analysts’ expectations of $962.86 million. During the same period in the previous year, the firm posted $0.57 EPS. The business’s revenue was down 26.8% on a year-over-year basis. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid a $0.455 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 3.13%. Microchip Technology’s payout ratio is -18,200.00%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research report on Tuesday, March 4th. Piper Sandler reissued an “overweight” rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Mizuho upped their price objective on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. TD Cowen increased their target price on shares of Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a report on Friday, May 9th. Finally, Stifel Nicolaus upped their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $67.42.

Microchip Technology 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.