STAR Financial Bank Has $854,000 Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

STAR Financial Bank trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,523 shares of the semiconductor company’s stock after selling 148 shares during the period. STAR Financial Bank’s holdings in Microchip Technology were worth $854,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Horizon Bancorp Inc. IN bought a new position in Microchip Technology in the 4th quarter valued at about $110,000. Rockline Wealth Management LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $4,449,000. Caxton Associates LP grew its position in shares of Microchip Technology by 4,511.5% during the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after purchasing an additional 391,326 shares in the last quarter. RFG Advisory LLC grew its position in shares of Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after purchasing an additional 8,931 shares in the last quarter. Finally, 17 Capital Partners LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $1,827,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MCHP shares. Piper Sandler restated a “neutral” rating and set a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. Evercore ISI began coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. Truist Financial raised their target price on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. B. Riley raised their target price on shares of Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Citigroup raised their price target on shares of Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Microchip Technology Stock Up 3.9 %

Shares of NASDAQ MCHP traded up $3.64 during mid-day trading on Wednesday, reaching $95.98. 6,385,573 shares of the company’s stock traded hands, compared to its average volume of 5,720,907. The stock has a market cap of $51.53 billion, a P/E ratio of 27.66 and a beta of 1.54. The business has a 50-day simple moving average of $93.50 and a 200 day simple moving average of $89.23. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the company earned $1.56 earnings per share. The business’s revenue was down 40.6% on a year-over-year basis. On average, analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. The ex-dividend date was Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 1.88%. Microchip Technology’s payout ratio is 52.16%.

Insider Buying and Selling

In related news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the sale, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is owned by insiders.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.