Lansforsakringar Fondforvaltning AB publ grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 53.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 77,545 shares of the semiconductor company’s stock after purchasing an additional 27,169 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in Microchip Technology were worth $5,010,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in MCHP. EFG International AG bought a new position in shares of Microchip Technology in the fourth quarter valued at about $29,000. Miller Capital Partners Inc. bought a new stake in Microchip Technology during the 4th quarter worth about $29,000. Garton & Associates Financial Advisors LLC bought a new stake in Microchip Technology during the 4th quarter worth about $33,000. Reflection Asset Management acquired a new stake in Microchip Technology in the 4th quarter valued at about $33,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Microchip Technology by 4,663.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 524 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 513 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.
Microchip Technology Stock Down 4.6%
Shares of NASDAQ:MCHP opened at $84.64 on Friday. Microchip Technology Incorporated has a one year low of $48.52 and a one year high of $105.91. The company has a 50 day moving average of $93.74 and a 200-day moving average of $79.03. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.09 and a quick ratio of 1.18. The stock has a market cap of $45.88 billion, a price-to-earnings ratio of 403.07, a P/E/G ratio of 0.91 and a beta of 1.74.
Microchip Technology Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Friday, May 22nd were paid a $0.455 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.2%. Microchip Technology’s dividend payout ratio is 866.67%.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on MCHP shares. JPMorgan Chase & Co. upped their target price on shares of Microchip Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Wall Street Zen raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Susquehanna upped their price objective on Microchip Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a report on Friday, May 8th. Finally, Needham & Company LLC upped their price objective on Microchip Technology from $84.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $98.18.
View Our Latest Stock Report on MCHP
Insider Buying and Selling
In related news, CEO Steve Sanghi sold 416,581 shares of Microchip Technology stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $88.53, for a total transaction of $36,879,915.93. Following the completion of the sale, the chief executive officer directly owned 9,495,805 shares of the company’s stock, valued at $840,663,616.65. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew W. Chapman sold 10,000 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $95.48, for a total value of $954,800.00. Following the completion of the sale, the director owned 20,665 shares of the company’s stock, valued at $1,973,094.20. This represents a 32.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 553,302 shares of company stock valued at $49,673,635 over the last 90 days. Company insiders own 1.94% of the company’s stock.
About Microchip Technology
Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.
Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.
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