Fulton Bank N.A. Acquires 6,558 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Fulton Bank N.A. boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 15.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,986 shares of the semiconductor company’s stock after acquiring an additional 6,558 shares during the period. Fulton Bank N.A.’s holdings in Microchip Technology were worth $4,508,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Halpern Financial Inc. lifted its holdings in shares of Microchip Technology by 83.5% in the second quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 132 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the third quarter valued at about $26,000. BKM Wealth Management LLC bought a new stake in shares of Microchip Technology in the fourth quarter valued at about $27,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology in the fourth quarter valued at about $29,000. Finally, Almanack Investment Partners LLC. bought a new stake in shares of Microchip Technology in the third quarter valued at about $29,000. 91.51% of the stock is currently owned by institutional investors.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction dated 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 directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several analyst reports. UBS Group dropped their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Thursday, January 18th. Needham & Company LLC upped their target price on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Truist Financial lowered their price target on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, January 9th. Finally, Susquehanna lowered their price target on Microchip Technology from $105.00 to $100.00 and set a “positive” rating on the stock in a research report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $91.33.

Microchip Technology Price Performance

Shares of MCHP traded up $1.31 during trading hours on Friday, reaching $87.57. The stock had a trading volume of 3,584,693 shares, compared to its average volume of 5,647,205. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $94.30. The stock has a market capitalization of $47.32 billion, a PE ratio of 20.46, a PEG ratio of 2.69 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The company’s 50-day moving average is $86.16 and its two-hundred day moving average is $83.55.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the prior year, the company earned $1.48 EPS. Microchip Technology’s revenue was down 18.6% compared to the same quarter last year. Research analysts expect 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. Investors of record on Friday, February 23rd were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.06%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is presently 42.06%.

Microchip Technology Company 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.