Fulton Bank N.A. Sells 6,118 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Fulton Bank N.A. cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 36.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,720 shares of the semiconductor company’s stock after selling 6,118 shares during the period. Fulton Bank N.A.’s holdings in Microchip Technology were worth $519,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Vanguard Group Inc. boosted its position in Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock valued at $3,952,123,000 after acquiring an additional 569,699 shares in the last quarter. Van ECK Associates Corp grew its stake in Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after purchasing an additional 3,131,807 shares during the period. Invesco Ltd. raised its holdings in Microchip Technology by 9.5% in the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock worth $587,718,000 after purchasing an additional 890,819 shares in the last quarter. Norges Bank purchased a new position in Microchip Technology during the fourth quarter valued at $452,627,000. Finally, FIL Ltd lifted its position in Microchip Technology by 9.0% during the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company’s stock valued at $451,774,000 after buying an additional 653,705 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock opened at $64.67 on Thursday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company has a market capitalization of $34.88 billion, a PE ratio of 115.48 and a beta of 1.48. The company has a 50 day moving average price of $49.29 and a 200-day moving average price of $54.97. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $96.98.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating 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 analyst estimates of $962.86 million. During the same period in the previous year, the company posted $0.57 EPS. Microchip Technology’s revenue was down 26.8% on a year-over-year basis. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm 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 dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.81%. The ex-dividend date is Thursday, May 22nd. Microchip Technology’s payout ratio is -18,200.00%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Citigroup upped their target price on shares of Microchip Technology from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Stifel Nicolaus upped their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 9th. KeyCorp decreased their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Bank of America raised Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price target on the stock in a research report on Friday, May 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $66.00 price objective on shares of Microchip Technology in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.68.

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.