Piscataqua Savings Bank Reduces Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Piscataqua Savings Bank lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,876 shares of the semiconductor company’s stock after selling 320 shares during the quarter. Piscataqua Savings Bank’s holdings in Microchip Technology were worth $706,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Trust Co. of Oklahoma bought a new position in shares of Microchip Technology in the second quarter worth approximately $280,000. Buckley Wealth Management LLC purchased a new stake in Microchip Technology in the 2nd quarter worth $357,000. BTC Capital Management Inc. bought a new stake in Microchip Technology during the second quarter valued at about $2,568,000. Northwest Investment Counselors LLC lifted its position in shares of Microchip Technology by 2.8% in the second quarter. Northwest Investment Counselors LLC now owns 35,304 shares of the semiconductor company’s stock valued at $3,163,000 after acquiring an additional 964 shares in the last quarter. Finally, Norway Savings Bank boosted its stake in shares of Microchip Technology by 0.6% in the second quarter. Norway Savings Bank now owns 37,377 shares of the semiconductor company’s stock worth $3,349,000 after acquiring an additional 205 shares during the period. Institutional investors own 90.85% of the company’s stock.

Microchip Technology Stock Up 0.4 %

Shares of NASDAQ:MCHP opened at $77.95 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.02 and a quick ratio of 0.60. The business has a 50 day simple moving average of $84.64 and a two-hundred day simple moving average of $81.72. Microchip Technology Incorporated has a 1 year low of $54.77 and a 1 year high of $94.30. The firm has a market capitalization of $42.43 billion, a PE ratio of 18.04, a price-to-earnings-growth ratio of 1.11 and a beta of 1.63.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 3rd. The semiconductor company reported $1.64 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.64. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.29 billion. Microchip Technology had a return on equity of 51.51% and a net margin of 27.35%. The business’s revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.30 earnings per share. On average, equities analysts predict that Microchip Technology Incorporated will post 5.8 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 5th. Shareholders of record on Tuesday, August 22nd were given a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.10%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Monday, August 21st. Microchip Technology’s payout ratio is 37.96%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MCHP shares. Truist Financial boosted their price target on Microchip Technology from $95.00 to $104.00 and gave the stock a “buy” rating in a report on Friday, July 14th. Stifel Nicolaus raised their target price on shares of Microchip Technology from $95.00 to $105.00 and gave the company an “equal weight” rating in a research note on Thursday, July 20th. Wolfe Research assumed coverage on shares of Microchip Technology in a research note on Wednesday, July 19th. They issued a “market perform” rating on the stock. Mizuho cut their price objective on Microchip Technology from $89.00 to $86.00 and set a “neutral” rating for the company in a research report on Friday, August 4th. Finally, StockNews.com initiated coverage on Microchip Technology in a report on Thursday, August 17th. They set a “buy” rating on the stock. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.18.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,363 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $78.63, for a total value of $185,802.69. Following the completion of the sale, the chief financial officer now owns 32,004 shares in the company, valued at $2,516,474.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.07% of the company’s stock.

Microchip Technology 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.