TIAA Trust National Association Acquires 810 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

TIAA Trust National Association raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 11,055 shares of the semiconductor company’s stock after purchasing an additional 810 shares during the quarter. TIAA Trust National Association’s holdings in Microchip Technology were worth $634,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in MCHP. United Bank lifted its stake in Microchip Technology by 21.0% in the third quarter. United Bank now owns 9,871 shares of the semiconductor company’s stock valued at $793,000 after buying an additional 1,712 shares during the period. Swedbank AB raised its position in shares of Microchip Technology by 62.3% in the 3rd quarter. Swedbank AB now owns 34,885 shares of the semiconductor company’s stock valued at $2,801,000 after acquiring an additional 13,392 shares during the period. Larson Financial Group LLC grew its holdings in Microchip Technology by 55.9% during the third quarter. Larson Financial Group LLC now owns 2,938 shares of the semiconductor company’s stock valued at $236,000 after purchasing an additional 1,053 shares during the period. Loomis Sayles & Co. L P increased its stake in Microchip Technology by 65.8% in the third quarter. Loomis Sayles & Co. L P now owns 83,098 shares of the semiconductor company’s stock valued at $6,672,000 after purchasing an additional 32,967 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new stake in Microchip Technology in the third quarter worth $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $50.79 on Friday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $27.32 billion, a price-to-earnings ratio of 90.70 and a beta of 1.52. Microchip Technology Incorporated has a twelve month low of $49.92 and a twelve month high of $100.57. The company has a 50-day simple moving average of $55.83 and a two-hundred day simple moving average of $64.16.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.58%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is currently 325.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

MCHP has been the subject of several research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Mizuho increased their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Needham & Company LLC raised their target price on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Finally, StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $74.37.

About Microchip Technology

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.