Piscataqua Savings Bank Sells 320 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Piscataqua Savings Bank lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,876 shares of the semiconductor company’s stock after selling 320 shares during the period. Piscataqua Savings Bank’s holdings in Microchip Technology were worth $706,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Financial Gravity Asset Management Inc. grew its holdings in shares of Microchip Technology by 388.6% during the first quarter. Financial Gravity Asset Management Inc. now owns 342 shares of the semiconductor company’s stock worth $367,000 after purchasing an additional 272 shares during the last quarter. Optimum Investment Advisors bought a new stake in Microchip Technology during the 1st quarter worth about $29,000. VitalStone Financial LLC acquired a new stake in Microchip Technology in the 1st quarter valued at about $38,000. Live Oak Investment Partners bought a new position in shares of Microchip Technology in the fourth quarter worth about $30,000. Finally, Milestone Investment Advisors LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $39,000. Institutional investors own 90.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MCHP shares. Citigroup boosted their price objective on shares of Microchip Technology from $76.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 18th. StockNews.com initiated coverage on shares of Microchip Technology in a research note on Thursday, August 17th. They set a “buy” rating for the company. Morgan Stanley raised their price objective on shares of Microchip Technology from $97.00 to $101.00 and gave the company an “overweight” rating in a research note on Friday, August 4th. Stifel Nicolaus increased their price target on Microchip Technology from $95.00 to $105.00 and gave the company an “equal weight” rating in a research note on Thursday, July 20th. Finally, Truist Financial raised their price target on Microchip Technology from $95.00 to $104.00 and gave the stock a “buy” rating in a research report on Friday, July 14th. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.18.

Microchip Technology Price Performance

Microchip Technology stock opened at $77.95 on Tuesday. The stock’s fifty day moving average price is $84.64 and its two-hundred day moving average price is $81.72. The firm has a market cap of $42.43 billion, a PE ratio of 18.04, a price-to-earnings-growth ratio of 1.11 and a beta of 1.63. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.02 and a quick ratio of 0.60. Microchip Technology Incorporated has a one year low of $54.77 and a one year high of $94.30.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.64 earnings per share for the quarter, hitting the consensus estimate of $1.64. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Microchip Technology had a net margin of 27.35% and a return on equity of 51.51%. Microchip Technology’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.30 earnings per share. As a group, research analysts expect that Microchip Technology Incorporated will post 5.8 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 5th. Shareholders of record on Tuesday, August 22nd were given a dividend of $0.41 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.38. This represents a $1.64 annualized dividend and a yield of 2.10%. The ex-dividend date was Monday, August 21st. Microchip Technology’s payout ratio is currently 37.96%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,363 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $78.63, for a total transaction of $185,802.69. Following the completion of the transaction, the chief financial officer now owns 32,004 shares of the company’s stock, valued at approximately $2,516,474.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology 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.