Nykredit A S bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 157,037 shares of the semiconductor company’s stock, valued at approximately $14,322,000.
A number of other hedge funds also recently bought and sold shares of MCHP. State Street Corp increased its stake in shares of Microchip Technology by 2.8% during the fourth quarter. State Street Corp now owns 28,863,048 shares of the semiconductor company’s stock valued at $1,839,153,000 after buying an additional 783,157 shares during the period. Boston Partners increased its position in Microchip Technology by 9.5% during the 3rd quarter. Boston Partners now owns 16,234,332 shares of the semiconductor company’s stock valued at $1,044,024,000 after purchasing an additional 1,406,885 shares during the period. Geode Capital Management LLC lifted its position in shares of Microchip Technology by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 15,394,985 shares of the semiconductor company’s stock worth $977,638,000 after purchasing an additional 213,188 shares during the period. Invesco Ltd. lifted its position in shares of Microchip Technology by 4.8% in the 4th quarter. Invesco Ltd. now owns 14,992,128 shares of the semiconductor company’s stock worth $955,298,000 after purchasing an additional 684,561 shares during the period. Finally, Barclays PLC boosted its stake in shares of Microchip Technology by 66.5% during the 4th quarter. Barclays PLC now owns 13,996,883 shares of the semiconductor company’s stock valued at $891,881,000 after purchasing an additional 5,590,210 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.
Microchip Technology Price Performance
Shares of NASDAQ:MCHP opened at $74.17 on Friday. Microchip Technology Incorporated has a fifty-two week low of $48.52 and a fifty-two week high of $105.91. The business has a 50-day simple moving average of $79.80 and a two-hundred day simple moving average of $81.20. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92. The firm has a market cap of $40.28 billion, a price-to-earnings ratio of 110.70, a price-to-earnings-growth ratio of 0.51 and a beta of 1.75.
Microchip Technology Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Monday, August 24th will be issued a dividend of $0.455 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.82 annualized dividend and a yield of 2.5%. Microchip Technology’s payout ratio is currently 271.64%.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on MCHP. Barclays upped their target price on Microchip Technology from $80.00 to $105.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Weiss Ratings raised Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Needham & Company LLC boosted their target price on shares of Microchip Technology from $84.00 to $120.00 and gave the company a “buy” rating in a report on Friday, May 8th. Truist Financial decreased their price target on shares of Microchip Technology from $105.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, August 7th. Finally, BMO Capital Markets assumed coverage on shares of Microchip Technology in a research note on Friday, August 21st. They set an “outperform” rating and a $95.00 price objective on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $98.67.
Check Out Our Latest Stock Analysis on Microchip Technology
Insider Buying and Selling at Microchip Technology
In other Microchip Technology news, CFO James Bjornholt sold 4,112 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $75.32, for a total value of $309,715.84. Following the completion of the sale, the chief financial officer owned 28,573 shares in the company, valued at approximately $2,152,118.36. This represents a 12.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.79% of the company’s stock.
Microchip Technology Profile
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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