Trust Co. of Oklahoma Trims Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Trust Co. of Oklahoma lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 18.6% during the third quarter, Holdings Channel reports. The firm owned 6,189 shares of the semiconductor company’s stock after selling 1,414 shares during the quarter. Trust Co. of Oklahoma’s holdings in Microchip Technology were worth $497,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after acquiring an additional 2,199,290 shares during the period. Clearbridge Investments LLC grew its holdings in shares of Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after acquiring an additional 1,962,685 shares during the period. Vanguard Group Inc. grew its stake in shares of Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after buying an additional 1,921,497 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Microchip Technology by 425.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after buying an additional 1,114,962 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Microchip Technology by 78.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after buying an additional 961,801 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Wednesday, July 31st. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Needham & Company LLC dropped their price target on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Finally, Citigroup dropped their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $99.47.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

Shares of Microchip Technology stock traded down $3.60 during trading hours on Tuesday, reaching $75.39. 3,160,974 shares of the stock traded hands, compared to its average volume of 5,978,089. The company has a 50 day moving average price of $78.19 and a 200 day moving average price of $86.49. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $40.45 billion, a price-to-earnings ratio of 22.76 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s revenue was down 45.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.56 earnings per share. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a $0.454 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

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.