Trust Co. of Toledo NA OH Cuts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Trust Co. of Toledo NA OH reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 26.9% during the first quarter, Holdings Channel.com reports. The institutional investor owned 57,724 shares of the semiconductor company’s stock after selling 21,286 shares during the period. Trust Co. of Toledo NA OH’s holdings in Microchip Technology were worth $2,794,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Federated Hermes Inc. raised its position in Microchip Technology by 0.5% in the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock worth $2,254,000 after buying an additional 209 shares during the last quarter. Northwest Bank & Trust Co increased its position in shares of Microchip Technology by 3.0% during the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company’s stock valued at $424,000 after purchasing an additional 217 shares during the last quarter. State of Wyoming boosted its holdings in shares of Microchip Technology by 27.3% in the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company’s stock worth $75,000 after buying an additional 279 shares during the last quarter. CreativeOne Wealth LLC boosted its holdings in shares of Microchip Technology by 1.0% in the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company’s stock worth $1,654,000 after buying an additional 283 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in shares of Microchip Technology by 4.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company’s stock worth $393,000 after buying an additional 305 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

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

Analysts Set New Price Targets

MCHP has been the subject of a number of analyst reports. B. Riley increased their price objective on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. TD Cowen upped their price target on Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, May 9th. UBS Group upped their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 30th. Rosenblatt Securities upped their price target on Microchip Technology from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 30th. Finally, Wall Street Zen downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Saturday, June 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $69.53.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $65.73 on Friday. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $35.45 billion, a PE ratio of 117.38 and a beta of 1.48. The stock’s 50-day moving average price is $52.78 and its 200-day moving average price is $54.90.

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

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.77%. Microchip Technology’s dividend payout ratio is presently -18,200.00%.

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.