Plimoth Trust Co. LLC Has $955,000 Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Plimoth Trust Co. LLC decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,895 shares of the semiconductor company’s stock after selling 660 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Microchip Technology were worth $955,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MCHP. Fisher Asset Management LLC increased its holdings in Microchip Technology by 3,353.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,521 shares of the semiconductor company’s stock worth $227,000 after purchasing an additional 2,448 shares in the last quarter. RFG Advisory LLC lifted its holdings in Microchip Technology by 228.4% during the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after acquiring an additional 8,931 shares during the period. Steph & Co. grew its position in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the period. CGN Advisors LLC increased its stake in shares of Microchip Technology by 10.0% during the 1st quarter. CGN Advisors LLC now owns 28,565 shares of the semiconductor company’s stock worth $2,563,000 after purchasing an additional 2,586 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC raised its stake in shares of Microchip Technology by 80.7% in the first quarter. Dynamic Advisor Solutions LLC now owns 23,194 shares of the semiconductor company’s stock valued at $2,081,000 after buying an additional 10,358 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MCHP shares. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price target for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. JPMorgan Chase & Co. dropped their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $97.89.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded down $2.16 during midday trading on Monday, reaching $75.18. The company had a trading volume of 4,727,359 shares, compared to its average volume of 5,969,416. The stock has a market cap of $40.33 billion, a P/E ratio of 22.29 and a beta of 1.52. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The business’s 50-day simple moving average is $78.29 and its 200 day simple moving average is $86.14.

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

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.42%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.07% of the stock is owned by corporate insiders.

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.