Hills Bank & Trust Co Purchases Shares of 1,391 Microchip Technology Incorporated (NASDAQ:MCHP)

Hills Bank & Trust Co bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,391 shares of the semiconductor company’s stock, valued at approximately $125,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MCHP. Northern Trust Corp increased its position in shares of Microchip Technology by 1.1% in the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after acquiring an additional 80,431 shares in the last quarter. Van ECK Associates Corp raised its stake in Microchip Technology by 16.0% during the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after purchasing an additional 714,376 shares during the period. Mizuho Markets Americas LLC purchased a new stake in shares of Microchip Technology in the third quarter valued at $225,800,000. Charles Schwab Investment Management Inc. boosted its position in shares of Microchip Technology by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,881,646 shares of the semiconductor company’s stock worth $259,867,000 after buying an additional 51,249 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Microchip Technology by 0.5% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company’s stock valued at $221,586,000 after buying an additional 11,163 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.07% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. B. Riley raised their price objective on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday. Truist Financial boosted their price objective on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Thursday, January 18th. UBS Group boosted their price target on shares of Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Piper Sandler reiterated a “neutral” rating and set a $90.00 price objective (up from $80.00) on shares of Microchip Technology in a report on Tuesday. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.47.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded down $0.51 during trading hours on Thursday, hitting $91.48. 3,904,925 shares of the stock were exchanged, compared to its average volume of 5,617,005. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $96.14. The company’s 50 day moving average is $88.79 and its 200 day moving average is $85.46. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The firm has a market capitalization of $49.44 billion, a P/E ratio of 21.37, a P/E/G ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the company earned $1.56 earnings per share. The company’s quarterly revenue was down 40.6% compared to the same quarter last year. On average, research analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be paid a $0.452 dividend. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.98%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, May 21st. Microchip Technology’s dividend payout ratio is presently 42.06%.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.