Parkside Financial Bank & Trust Grows Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Parkside Financial Bank & Trust lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 12.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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.

Several other hedge funds have also made changes to their positions in MCHP. Northern Trust Corp lifted its stake in shares of Microchip Technology by 1.1% during the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after purchasing an additional 80,431 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Microchip Technology by 7.8% in the third quarter. Van ECK Associates Corp now owns 4,462,638 shares of the semiconductor company’s stock worth $348,309,000 after acquiring an additional 322,540 shares in the last quarter. Mizuho Markets Americas LLC acquired a new position in shares of Microchip Technology in the third quarter worth about $225,800,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,830,397 shares of the semiconductor company’s stock worth $220,913,000 after acquiring an additional 25,002 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Microchip Technology by 0.5% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company’s stock worth $221,586,000 after acquiring an additional 11,163 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the topic of several recent analyst reports. Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research note on Thursday, January 4th. Evercore ISI began coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price for the company. StockNews.com lowered Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday, December 29th. The Goldman Sachs Group lowered their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a report on Friday, February 2nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $92.50.

Microchip Technology Stock Performance

Shares of MCHP stock 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 firm has a market capitalization of $49.00 billion, a price-to-earnings ratio of 21.19, a price-to-earnings-growth ratio of 2.63 and a beta of 1.65. The business has a 50 day simple moving average of $86.81 and a 200 day simple moving average of $84.50. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

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

Microchip Technology Increases Dividend

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

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.