Trust Co. of Oklahoma Grows Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Trust Co. of Oklahoma raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,400 shares of the semiconductor company’s stock after buying an additional 494 shares during the quarter. Trust Co. of Oklahoma’s holdings in Microchip Technology were worth $664,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MCHP. Norges Bank purchased a new position in Microchip Technology during the fourth quarter valued at $672,196,000. Truist Financial Corp increased its holdings in shares of Microchip Technology by 324.0% in the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after purchasing an additional 1,386,924 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Microchip Technology by 76.6% in the 4th quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock worth $184,251,000 after purchasing an additional 886,068 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Microchip Technology by 16.0% in the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after purchasing an additional 714,376 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its holdings in shares of Microchip Technology by 173.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after purchasing an additional 673,924 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP traded up $1.52 during mid-day trading on Wednesday, hitting $93.58. 2,437,686 shares of the company traded hands, compared to its average volume of 5,766,046. The stock’s fifty day moving average price is $93.30 and its 200-day moving average price is $89.09. 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 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The firm has a market cap of $50.24 billion, a price-to-earnings ratio of 26.85 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the business earned $1.56 earnings per share. The business’s revenue was down 40.6% on a year-over-year basis. Research analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were given a $0.452 dividend. This represents a $1.81 annualized dividend and a dividend yield of 1.93%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. Microchip Technology’s payout ratio is presently 52.16%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Citigroup lifted their target price on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Needham & Company LLC lifted their target price on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. B. Riley lifted their target price on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Truist Financial lifted their target price on Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Finally, The Goldman Sachs Group lifted their price objective on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at $7,470,608.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock worth $2,251,857 over the last ninety days. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

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.