NBT Bank N A NY cut its position in Microchip Technology Inc. (NASDAQ:MCHP) by 3.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,317 shares of the semiconductor company’s stock after selling 1,365 shares during the quarter. NBT Bank N A NY’s holdings in Microchip Technology were worth $3,135,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Signaturefd LLC acquired a new position in Microchip Technology during the 1st quarter worth $131,000. Summit Trail Advisors LLC grew its stake in Microchip Technology by 9,097.1% during the 1st quarter. Summit Trail Advisors LLC now owns 138,325 shares of the semiconductor company’s stock worth $138,000 after purchasing an additional 136,821 shares in the last quarter. Hyman Charles D acquired a new position in Microchip Technology during the 1st quarter worth $201,000. Parametrica Management Ltd acquired a new position in Microchip Technology during the 1st quarter worth $226,000. Finally, Laurel Wealth Advisors Inc. acquired a new position in Microchip Technology during the 4th quarter worth $228,000.
In other news, CFO James Eric Bjornholt sold 2,308 shares of the business’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $215,913.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 4,696 shares of the business’s stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total value of $439,310.80. Following the completion of the sale, the vice president now directly owns 19,711 shares of the company’s stock, valued at $1,843,964.05. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.13. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $984.80 million. Microchip Technology had a return on equity of 38.62% and a net margin of 6.41%. Microchip Technology’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.16 EPS. equities research analysts expect that Microchip Technology Inc. will post 6.18 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, June 4th. Stockholders of record on Monday, May 21st were issued a $0.3635 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend was Friday, May 18th.
Several research analysts recently commented on MCHP shares. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Zacks Investment Research cut Microchip Technology from a “buy” rating to a “hold” rating in a research note on Thursday, April 5th. KeyCorp raised Microchip Technology from a “sector weight” rating to an “overweight” rating in a research note on Friday, March 2nd. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $92.00 to $110.00 in a research note on Monday, March 5th. Finally, Goldman Sachs Group raised Microchip Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $95.57 to $108.00 in a research note on Thursday, March 8th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Microchip Technology presently has an average rating of “Buy” and a consensus target price of $111.19.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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