On September 19, 2023, it was reported that Atlantic Union Bankshares Corp had reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.3% during the second quarter. The company made this decision based on its most recent Form 13F filing with the Securities & Exchange Commission. After selling 1,575 shares during the quarter, Atlantic Union Bankshares Corp’s holdings in Microchip Technology were valued at $2,098,000 as of the filing.
Microchip Technology has been a subject of analysis by various experts. In a research report released on August 17th, StockNews.com initiated coverage on shares of Microchip Technology and provided a “buy” rating for the company. Mizuho also released a research report on August 4th, lowering their target price from $89.00 to $86.00 and giving a “neutral” rating for the company. Another research report conducted by Wolfe Research on July 19th resulted in a “market perform” rating for Microchip Technology. Rosenblatt Securities reaffirmed a “buy” rating with a target price of $125.00 in their research report published on August 3rd. Finally, Truist Financial released a research report on July 14th raising the price target from $95.00 to $104.00 and providing a “buy” rating.
At present, eight equities research analysts have given a hold rating to Microchip Technology’s stock, nine have issued a buy rating, and one has given it a strong buy rating. According to data from Bloomberg.com, the stock currently holds an average rating of “Moderate Buy,” with an average target price of $98.18.
On Tuesday morning, MCHP opened at $77.95 per share. The company boasts healthy financial ratios such as a current ratio of 1.02 and a quick ratio of 0.60, ensuring its liquidity. Microchip Technology’s debt-to-equity ratio stands at 0.68, indicating responsible financial management. With a market cap of $42.43 billion, a price-to-earnings ratio of 18.04, and a beta of 1.63, the company showcases stability in the market despite fluctuations in the semiconductor industry.
In terms of stock performance, Microchip Technology has experienced both highs and lows over the past year. Its 50-day moving average is $84.64, while its 200-day moving average is slightly lower at $81.72. The stock’s 12-month range spans from a low of $54.77 to a high of $94.30.
Overall, the recent reduction in stake by Atlantic Union Bankshares Corp highlights their decision to lower their exposure to Microchip Technology Incorporated during the second quarter. In light of analyst reports and ratings, investors will continue to monitor Microchip Technology as it navigates the semiconductor sector and capitalizes on opportunities for growth and innovation in the industry.
FTAC Zeus Acquisition Corp.
Updated on: 28/09/2023
Debt to equity ratio: Sell
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Sell
DCF: Strong Buy
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Ownership Changes and Analyst Reports: A Look at Microchip Technology’s Recent Developments
Microchip Technology, a leading semiconductor company, has recently seen some notable changes in its ownership as various institutional investors have modified their holdings of the company. Optimum Investment Advisors, Almanack Investment Partners LLC., Live Oak Investment Partners, VitalStone Financial LLC, and Milestone Investment Advisors LLC are among the investors who have purchased new positions in Microchip Technology. These investments range from $29,000 to $39,000 and have resulted in hedge funds and other institutional investors owning 90.85% of the stock.
In addition to these investment updates, Microchip Technology’s Chief Financial Officer (CFO), James Eric Bjornholt, recently sold 2,363 shares of the company’s stock in a transaction that occurred on August 23rd. The shares were sold at an average price of $78.63, resulting in a total transaction value of $185,802.69. Following this sale, Bjornholt now holds 32,004 shares of Microchip Technology stock valued at $2,516,474.52. This sale was disclosed in a legal filing with the Securities & Exchange Commission (SEC), which can be accessed through the SEC website. Overall, insiders currently own just over 2% of the company’s stock.
Moving on to analyst reports on Microchip Technology, StockNews.com initiated coverage on the company with a “buy” rating in a research report published on August 17th. Mizuho dropped their target price from $89.00 to $86.00 and gave it a “neutral” rating in another report released on August 4th. Wolfe Research also started coverage on Microchip Technology and assigned a “market perform” rating to the company in their July 19th report. On August 3rd, Rosenblatt Securities reaffirmed a “buy” rating and set a target price of $125.00 for Microchip Technology’s shares. Truist Financial boosted their price target from $95.00 to $104.00 and rated the company as a “buy” in a report published on July 14th. The average rating for Microchip Technology’s stock, according to data from Bloomberg.com, is currently labeled as a “Moderate Buy” with an average target price of $98.18.
Furthermore, Microchip Technology recently released its quarterly earnings data for the period ending on August 3rd. The company reported earnings per share (EPS) of $1.64, meeting analysts’ consensus estimates. Its revenue for the quarter was $2.29 billion, matching the consensus estimate as well. Microchip Technology maintained a net margin of 27.35% and a return on equity of 51.51%. However, compared to the same quarter last year, its revenue increased by 16.6%. For the current fiscal year, equities research analysts predict that Microchip Technology Incorporated will post an EPS of 5.8.
Additionally, Microchip Technology has declared a quarterly dividend that was paid out on September 5th to shareholders who were recorded as of August 22nd. The dividend amounted to $0.41 per share, which represents an annualized dividend of $1.64 and a yield of 2.10%. This quarterly dividend reflects an increase from the previous payout of $0.38 per share and highlights Microchip Technology’s commitment to rewarding shareholders.
In conclusion, Microchip Technology has experienced recent changes in ownership by institutional investors and witnessed the sale of company stock by its CFO James Eric Bjornholt. Analyst reports have been generally positive about the company’s prospects, with most recommending buying or holding its shares with moderate growth expectations given its average target price.