First Citizens Bank & Trust Co. Has $744,000 Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

First Citizens Bank & Trust Co. increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,977 shares of the semiconductor company’s stock after acquiring an additional 967 shares during the period. First Citizens Bank & Trust Co.’s holdings in Microchip Technology were worth $744,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Assenagon Asset Management S.A. grew its position in shares of Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after acquiring an additional 2,829,082 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Microchip Technology by 2,390.5% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after buying an additional 2,199,290 shares during the period. Van ECK Associates Corp boosted its holdings in Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after buying an additional 1,597,263 shares during the period. Franklin Resources Inc. lifted its stake in Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after purchasing an additional 776,408 shares in the last quarter. Finally, DF Dent & Co. Inc. purchased a new stake in Microchip Technology in the 3rd quarter worth approximately $27,744,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MCHP shares. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of Microchip Technology in a research note on Tuesday, December 3rd. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. The Goldman Sachs Group lowered their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Finally, B. Riley lowered their price objective on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.00.

Microchip Technology Trading Up 1.3 %

Shares of MCHP opened at $57.12 on Tuesday. The firm’s 50-day moving average price is $60.28 and its 200-day moving average price is $72.33. The firm has a market capitalization of $30.68 billion, a price-to-earnings ratio of 39.95 and a beta of 1.52. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 1-year low of $54.47 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.54 earnings per share. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend was Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 127.27%.

Microchip Technology Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.