Haverford Trust Co Buys 293 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Haverford Trust Co increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,067 shares of the semiconductor company’s stock after purchasing an additional 293 shares during the quarter. Haverford Trust Co’s holdings in Microchip Technology were worth $728,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Orion Portfolio Solutions LLC grew its holdings in Microchip Technology by 3.9% during the 1st quarter. Orion Portfolio Solutions LLC now owns 27,296 shares of the semiconductor company’s stock valued at $2,449,000 after purchasing an additional 1,021 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in shares of Microchip Technology by 16.2% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 8,422 shares of the semiconductor company’s stock worth $756,000 after acquiring an additional 1,173 shares during the last quarter. First Foundation Advisors boosted its holdings in Microchip Technology by 19.5% during the 1st quarter. First Foundation Advisors now owns 5,290 shares of the semiconductor company’s stock valued at $475,000 after acquiring an additional 864 shares during the period. Nicolet Advisory Services LLC grew its position in Microchip Technology by 38.3% in the 1st quarter. Nicolet Advisory Services LLC now owns 4,308 shares of the semiconductor company’s stock valued at $395,000 after acquiring an additional 1,193 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on MCHP shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Wednesday, November 6th. Jefferies Financial Group decreased their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Mizuho set a $95.00 price objective on Microchip Technology in a research note on Friday, October 18th. KeyCorp decreased their target price on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Finally, Needham & Company LLC dropped their price target on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $65.60 on Friday. The stock has a market cap of $35.23 billion, a PE ratio of 46.57 and a beta of 1.53. Microchip Technology Incorporated has a 52-week low of $65.48 and a 52-week high of $100.57. The business has a 50-day simple moving average of $76.10 and a 200-day simple moving average of $84.46. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.54 earnings per share. On average, equities analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.77%. Microchip Technology’s dividend payout ratio is presently 127.27%.

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.