First County Bank CT Makes New $1.75 Million Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

First County Bank CT bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,085 shares of the semiconductor company’s stock, valued at approximately $1,747,000. Microchip Technology accounts for approximately 1.0% of First County Bank CT’s investment portfolio, making the stock its 28th largest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock valued at $3,952,123,000 after purchasing an additional 569,699 shares during the period. Van ECK Associates Corp increased its stake in Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after buying an additional 3,131,807 shares during the period. Invesco Ltd. raised its position in shares of Microchip Technology by 9.5% during the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock worth $587,718,000 after buying an additional 890,819 shares in the last quarter. Norges Bank bought a new stake in shares of Microchip Technology during the 4th quarter worth about $452,627,000. Finally, FIL Ltd lifted its stake in shares of Microchip Technology by 9.0% in the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company’s stock worth $451,774,000 after acquiring an additional 653,705 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and set a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. Piper Sandler restated an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. UBS Group lifted their price target on shares of Microchip Technology from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Citigroup upped their price target on Microchip Technology from $50.00 to $55.00 and gave the company a “buy” rating in a report on Friday, May 9th. Finally, Truist Financial raised their price objective on Microchip Technology from $43.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.42.

Microchip Technology Trading Up 1.1%

NASDAQ:MCHP opened at $58.11 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company has a market capitalization of $31.30 billion, a P/E ratio of 103.77 and a beta of 1.42. The stock’s 50 day moving average price is $48.46 and its 200 day moving average price is $55.08. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $98.10.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Microchip Technology’s quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 EPS. On average, research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $0.455 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.13%. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer now owns 34,313 shares of the company’s stock, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.

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.