Microchip Technology Incorporated (NASDAQ:MCHP) Stake Boosted by Clearstead Trust LLC

Clearstead Trust LLC increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,356 shares of the semiconductor company’s stock after buying an additional 224 shares during the quarter. Clearstead Trust LLC’s holdings in Microchip Technology were worth $114,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MCHP. ING Groep NV bought a new position in shares of Microchip Technology in the first quarter worth $4,172,000. Raiffeisen Bank International AG boosted its stake in Microchip Technology by 90.4% during the first quarter. Raiffeisen Bank International AG now owns 6,239 shares of the semiconductor company’s stock valued at $304,000 after buying an additional 2,962 shares in the last quarter. Smithfield Trust Co grew its holdings in Microchip Technology by 12.0% during the first quarter. Smithfield Trust Co now owns 4,325 shares of the semiconductor company’s stock worth $209,000 after acquiring an additional 463 shares during the period. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its position in Microchip Technology by 7.2% in the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 52,400 shares of the semiconductor company’s stock worth $2,537,000 after acquiring an additional 3,500 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Microchip Technology by 52.2% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 11,692 shares of the semiconductor company’s stock valued at $579,000 after acquiring an additional 4,010 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on MCHP shares. Raymond James Financial boosted their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a “strong-buy” rating in a report on Friday, May 9th. Rosenblatt Securities increased their price objective on Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 30th. Bank of America raised Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price objective for the company in a research note on Friday, May 9th. Stifel Nicolaus boosted their target price on Microchip Technology from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Finally, Morgan Stanley increased their price target on Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, May 9th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.42.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $66.36 on Monday. The firm has a market cap of $35.81 billion, a price-to-earnings ratio of -6,636.00, a P/E/G ratio of 1.92 and a beta of 1.55. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. The business’s 50-day simple moving average is $68.84 and its 200-day simple moving average is $57.84. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $82.87.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results 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. The firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm’s revenue for the quarter was down 26.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.57 EPS. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s payout ratio is -18,200.00%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,015 shares of the business’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. 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 the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director owned 3,468 shares of the company’s stock, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by insiders.

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.