Texas Bank & Trust Co Buys Shares of 13,811 Microchip Technology Incorporated (NASDAQ:MCHP)

Texas Bank & Trust Co purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,811 shares of the semiconductor company’s stock, valued at approximately $792,000.

Other institutional investors have also modified their holdings of the company. Federated Hermes Inc. grew its position in Microchip Technology by 0.5% in the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock worth $2,254,000 after purchasing an additional 209 shares during the last quarter. Lebenthal Global Advisors LLC grew its holdings in Microchip Technology by 7.3% in the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock worth $223,000 after buying an additional 266 shares in the last quarter. State of Wyoming increased its position in Microchip Technology by 27.3% in the 4th quarter. State of Wyoming now owns 1,300 shares of the semiconductor company’s stock valued at $75,000 after acquiring an additional 279 shares during the period. CreativeOne Wealth LLC raised its stake in Microchip Technology by 1.0% during the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company’s stock valued at $1,654,000 after acquiring an additional 283 shares in the last quarter. Finally, Legacy Financial Advisors Inc. boosted its position in Microchip Technology by 8.1% during the 4th quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company’s stock worth $239,000 after acquiring an additional 312 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

NASDAQ MCHP opened at $61.21 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $100.57. The company has a market cap of $32.97 billion, a PE ratio of 109.30 and a beta of 1.42. The stock’s 50-day moving average price is $47.51 and its two-hundred day moving average price is $55.90.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The business 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%. The firm’s revenue was down 26.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 earnings per share. On average, analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently -18,200.00%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Evercore ISI raised their price target on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Raymond James raised their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a “strong-buy” rating in a research note on Friday, May 9th. Bank of America raised shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price target for the company in a research note on Friday, May 9th. UBS Group increased their price objective on shares of Microchip Technology from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, May 9th. Finally, Morgan Stanley boosted their target price on Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $67.42.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.10% of the company’s stock.

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.