1,476 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Bought by Zions Bancorporation National Association UT

Zions Bancorporation National Association UT purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,476 shares of the semiconductor company’s stock, valued at approximately $71,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MCHP. Garde Capital Inc. bought a new stake in Microchip Technology in the first quarter worth $30,000. Orion Capital Management LLC bought a new stake in Microchip Technology in the fourth quarter worth $41,000. Byrne Asset Management LLC bought a new stake in Microchip Technology in the first quarter worth $41,000. GW&K Investment Management LLC boosted its holdings in Microchip Technology by 161.0% in the first quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company’s stock worth $45,000 after acquiring an additional 578 shares in the last quarter. Finally, American National Bank & Trust bought a new stake in Microchip Technology in the first quarter worth $48,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Down 1.5%

Microchip Technology stock opened at $60.95 on Tuesday. The stock has a market cap of $32.89 billion, a PE ratio of -179.26, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.33 and a current ratio of 2.31. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $82.87. The stock has a fifty day moving average of $69.67 and a 200 day moving average of $58.12.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Microchip Technology had a positive return on equity of 6.24% and a negative net margin of 3.50%. The business’s quarterly revenue was down 13.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.53 earnings per share. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 22nd will be given a $0.455 dividend. The ex-dividend date is Friday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.0%. Microchip Technology’s dividend payout ratio is presently -535.29%.

Analysts Set New Price Targets

Several research firms have commented on MCHP. KeyCorp boosted their target price on Microchip Technology from $70.00 to $85.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. TD Cowen dropped their target price on Microchip Technology from $75.00 to $60.00 and set a “hold” rating on the stock in a report on Friday. Mizuho boosted their target price on Microchip Technology from $78.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. The Goldman Sachs Group assumed coverage on Microchip Technology in a report on Thursday, July 10th. They set a “buy” rating and a $88.00 price target on the stock. Finally, Rosenblatt Securities upped their price target on Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a report on Friday, May 30th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.58.

Insider Transactions at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director owned 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer owned 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.94% of the company’s stock.

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.