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Indiana Trust & Investment Management CO recently increased its holdings in Microchip Technology by 18.4% in the first quarter, bringing its total shares to 999, valued at $90,000. Other institutional investors, including Norges Bank and Truist Financial Corp, also made significant changes to their positions in the semiconductor company. Microchip Technology’s stock saw an increase of 2.3% on Friday, trading at $91.50 on NASDAQ.
In terms of recent insider transactions, Director Matthew W. Chapman sold shares of the company’s stock, with CFO James Eric Bjornholt also selling shares. Overall, insiders have sold 23,993 shares, representing 2.07% of the company’s stock. The company recently announced an increased quarterly dividend, signaling positive growth for shareholders.
Analysts from various research firms have shown optimism towards Microchip Technology, with price targets being revised upwards and ratings ranging from buy to neutral. The company has a consensus rating of “Moderate Buy” and an average target price of $101.06.
Microchip Technology Incorporated is known for developing, manufacturing, and selling smart, connected, and secure embedded control solutions. Their range of products includes microcontrollers and specialized microcontrollers for various applications such as automotive, industrial, and communications.
Overall, the financial outlook for Microchip Technology looks positive, with continued growth expected in the near future. Investors and analysts are optimistic about the company’s performance, leading to increased interest and investment in the semiconductor sector.
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