Parkside Financial Bank & Trust Acquires 227 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Parkside Financial Bank & Trust boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 12.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,051 shares of the semiconductor company’s stock after purchasing an additional 227 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Microchip Technology were worth $185,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. OFI Invest Asset Management bought a new position in shares of Microchip Technology during the 3rd quarter valued at approximately $26,000. BKM Wealth Management LLC purchased a new stake in Microchip Technology during the 4th quarter valued at $27,000. Rakuten Securities Inc. purchased a new stake in Microchip Technology during the 4th quarter valued at $27,000. Fortitude Family Office LLC purchased a new stake in Microchip Technology during the 4th quarter valued at $29,000. Finally, Milestone Investment Advisors LLC purchased a new stake in Microchip Technology during the 3rd quarter valued at $36,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

MCHP opened at $90.68 on Thursday. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.30. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The business’s fifty day simple moving average is $86.81 and its 200-day simple moving average is $84.50. The company has a market capitalization of $49.00 billion, a price-to-earnings ratio of 21.19, a PEG ratio of 2.63 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the company earned $1.48 EPS. The business’s revenue was down 18.6% compared to the same quarter last year. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a dividend of $0.45 per share. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a yield of 1.99%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MCHP shares. Susquehanna restated a “positive” rating and set a $100.00 price target on shares of Microchip Technology in a report on Monday, April 8th. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Thursday, January 18th. The Goldman Sachs Group decreased their price target on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. TD Cowen increased their target price on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research note on Friday, February 2nd. Finally, Truist Financial reduced their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, January 9th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $92.50.

Insider Activity at Microchip Technology

In related news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’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 directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by corporate insiders.

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.