First County Bank CT Decreases Stake in Microchip Technology Incorporated $MCHP

First County Bank CT cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 22.6% in the 2nd quarter, Holdings Channel reports. The fund owned 23,815 shares of the semiconductor company’s stock after selling 6,941 shares during the period. Microchip Technology accounts for about 1.0% of First County Bank CT’s investment portfolio, making the stock its 25th biggest position. First County Bank CT’s holdings in Microchip Technology were worth $2,172,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MCHP. Eastern Bank boosted its holdings in Microchip Technology by 11.2% in the second quarter. Eastern Bank now owns 2,001 shares of the semiconductor company’s stock valued at $182,000 after purchasing an additional 201 shares during the last quarter. Sapient Capital LLC purchased a new stake in Microchip Technology during the 1st quarter worth approximately $259,000. Parallel Advisors LLC increased its holdings in Microchip Technology by 8.3% during the 1st quarter. Parallel Advisors LLC now owns 10,679 shares of the semiconductor company’s stock worth $690,000 after purchasing an additional 814 shares during the last quarter. Western Wealth Management LLC acquired a new position in shares of Microchip Technology in the 1st quarter valued at approximately $104,000. Finally, Oddo BHF Asset Management Sas acquired a new position in shares of Microchip Technology in the 1st quarter valued at approximately $3,061,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $75.22 on Tuesday. The company has a market cap of $40.85 billion, a P/E ratio of 358.21, a PEG ratio of 0.75 and a beta of 1.76. The business has a 50 day moving average of $88.50 and a two-hundred day moving average of $81.22. Microchip Technology Incorporated has a 52 week low of $48.52 and a 52 week high of $105.91. The company has a quick ratio of 1.18, a current ratio of 2.09 and a debt-to-equity ratio of 0.85.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, May 7th. The semiconductor company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. Microchip Technology had a return on equity of 10.87% and a net margin of 4.88%.The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the prior year, the firm earned $0.11 EPS. The business’s quarterly revenue was up 35.1% on a year-over-year basis. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. As a group, analysts anticipate that Microchip Technology Incorporated will post 2.7 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were given a $0.455 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.4%. Microchip Technology’s dividend payout ratio (DPR) is currently 866.67%.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of recent analyst reports. Needham & Company LLC raised their price target on shares of Microchip Technology from $84.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Susquehanna upped their price target on shares of Microchip Technology from $95.00 to $120.00 and gave the company a “positive” rating in a report on Friday, May 8th. Zacks Research upgraded shares of Microchip Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 12th. Weiss Ratings downgraded shares of Microchip Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, July 24th. Finally, TD Cowen cut their target price on shares of Microchip Technology from $105.00 to $90.00 and set a “hold” rating on the stock in a research note on Monday, July 13th. Four analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.76.

Insider Buying and Selling at Microchip Technology

In other news, COO Richard J. Simoncic sold 5,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $97.52, for a total transaction of $487,600.00. Following the completion of the transaction, the chief operating officer owned 130,508 shares in the company, valued at approximately $12,727,140.16. This represents a 3.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew W. Chapman sold 3,000 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $97.52, for a total transaction of $292,560.00. Following the completion of the sale, the director directly owned 17,665 shares in the company, valued at approximately $1,722,690.80. This trade represents a 14.52% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 26,750 shares of company stock worth $2,543,170. 1.79% of the stock is owned by insiders.

Microchip Technology Company Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.