Zurcher Kantonalbank Zurich Cantonalbank Purchases 11,498 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 128,808 shares of the semiconductor company’s stock after buying an additional 11,498 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Microchip Technology were worth $6,236,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Potomac Fund Management Inc. ADV purchased a new position in shares of Microchip Technology in the fourth quarter valued at $738,000. First Citizens Bank & Trust Co. increased its stake in Microchip Technology by 468.2% in the 1st quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company’s stock worth $3,570,000 after acquiring an additional 60,760 shares during the last quarter. DF Dent & Co. Inc. boosted its holdings in shares of Microchip Technology by 13.5% in the 4th quarter. DF Dent & Co. Inc. now owns 392,158 shares of the semiconductor company’s stock worth $22,490,000 after purchasing an additional 46,608 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Microchip Technology by 9.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 3,511,663 shares of the semiconductor company’s stock worth $201,394,000 after purchasing an additional 309,193 shares in the last quarter. Finally, Bristol Gate Capital Partners Inc. boosted its holdings in shares of Microchip Technology by 23.4% in the 4th quarter. Bristol Gate Capital Partners Inc. now owns 1,184,159 shares of the semiconductor company’s stock worth $67,912,000 after purchasing an additional 224,841 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on MCHP. Wall Street Zen raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, June 27th. TD Cowen upped their price target on Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, May 9th. Susquehanna upped their price target on Microchip Technology from $60.00 to $90.00 and gave the company a “positive” rating in a research report on Tuesday, July 22nd. Cantor Fitzgerald began coverage on Microchip Technology in a report on Wednesday, June 18th. They set a “neutral” rating and a $70.00 target price on the stock. Finally, Bank of America upgraded Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a report on Friday, May 9th. Six analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $75.70.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $70.29 on Thursday. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $89.59. The stock’s fifty day moving average is $68.45 and its 200 day moving average is $57.68. The stock has a market cap of $37.93 billion, a P/E ratio of -7,029.00, a P/E/G ratio of 2.04 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company had revenue of $970.50 million for the quarter, compared to analysts’ expectations of $962.86 million. During the same period last year, the firm earned $0.57 EPS. Microchip Technology’s revenue for the quarter was down 26.8% compared to the same quarter last year. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.59%. Microchip Technology’s dividend payout ratio is presently -18,200.00%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director directly owned 3,468 shares of the company’s stock, valued at $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is owned by company insiders.

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.