TrinityPoint Wealth LLC Purchases 1,187 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

TrinityPoint Wealth LLC boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 24.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,070 shares of the semiconductor company’s stock after purchasing an additional 1,187 shares during the quarter. TrinityPoint Wealth LLC’s holdings in Microchip Technology were worth $348,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MCHP. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the 4th quarter valued at $26,000. Rakuten Securities Inc. boosted its stake in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in Microchip Technology in the 4th quarter valued at $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology during the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth $34,000. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on MCHP shares. KeyCorp reduced their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, February 7th. Evercore ISI increased their target price on Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and set a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. Mizuho increased their target price on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Finally, Piper Sandler reissued 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $67.42.

Microchip Technology Price Performance

Shares of MCHP opened at $61.21 on Monday. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $100.57. The business has a 50-day simple moving average of $47.51 and a two-hundred day simple moving average of $55.78. 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 cap of $32.97 billion, a PE ratio of 109.30 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The business’s revenue for the quarter was down 26.8% compared to the same quarter last year. Analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

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 issued a $0.455 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.97%. Microchip Technology’s payout ratio is presently -18,200.00%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of the 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 completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This represents a 10.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.10% of the company’s stock.

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.