Private Trust Co. NA Purchases New Stake in Microchip Technology Inc. (NASDAQ:MCHP)

Private Trust Co. NA purchased a new stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,582 shares of the semiconductor company’s stock, valued at approximately $239,000.

A number of other large investors have also recently bought and sold shares of MCHP. First Trust Advisors LP raised its holdings in Microchip Technology by 30.2% during the 1st quarter. First Trust Advisors LP now owns 1,129,588 shares of the semiconductor company’s stock valued at $93,711,000 after buying an additional 261,717 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Microchip Technology by 1.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 95,078 shares of the semiconductor company’s stock valued at $7,886,000 after buying an additional 1,325 shares during the last quarter. Sawtooth Solutions LLC bought a new stake in Microchip Technology during the 1st quarter valued at $291,000. Rockefeller Capital Management L.P. raised its holdings in Microchip Technology by 261.1% during the 1st quarter. Rockefeller Capital Management L.P. now owns 9,873 shares of the semiconductor company’s stock valued at $819,000 after buying an additional 7,139 shares during the last quarter. Finally, AlphaCrest Capital Management LLC bought a new stake in Microchip Technology during the 1st quarter valued at $435,000.

NASDAQ MCHP traded up $1.08 during trading on Friday, hitting $92.78. The company had a trading volume of 551,878 shares, compared to its average volume of 2,420,602. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65. Microchip Technology Inc. has a one year low of $60.70 and a one year high of $101.35. The company has a market cap of $21.83 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 1.69 and a beta of 1.41. The company’s fifty day moving average is $89.75 and its 200-day moving average is $89.26.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.16. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 6.79% and a return on equity of 27.79%. Microchip Technology’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the business earned $1.61 EPS. As a group, equities analysts anticipate that Microchip Technology Inc. will post 5.26 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Investors of record on Wednesday, August 21st were paid a $0.366 dividend. This represents a $1.46 annualized dividend and a dividend yield of 1.58%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, August 20th. Microchip Technology’s dividend payout ratio (DPR) is presently 24.01%.

MCHP has been the subject of a number of recent analyst reports. Wells Fargo & Co upped their price target on shares of Microchip Technology from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Monday, July 29th. They noted that the move was a valuation call. Cfra set a $100.00 price target on shares of Microchip Technology and gave the company a “hold” rating in a report on Saturday, September 7th. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Zacks Investment Research lowered shares of Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 price objective for the company. in a report on Thursday, July 25th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $115.00 price objective on shares of Microchip Technology in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company’s stock. Microchip Technology presently has a consensus rating of “Buy” and an average price target of $100.62.

In related news, VP Richard J. Simoncic sold 3,437 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $304,518.20. Following the completion of the transaction, the vice president now directly owns 18,178 shares in the company, valued at approximately $1,610,570.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,937 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $171,618.20. The disclosure for this sale can be found here. 2.21% of the stock is owned by company insiders.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

Further Reading: Profit margin is different from the revenue

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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