Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,810 shares of the semiconductor company’s stock, valued at approximately $211,000.
Several other institutional investors and hedge funds have also made changes to their positions in MCHP. Dodge & Cox lifted its position in shares of Microchip Technology by 87.3% during the fourth quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock worth $2,571,680,000 after purchasing an additional 13,768,272 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Microchip Technology by 107.9% during the fourth quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock valued at $898,949,000 after buying an additional 5,373,594 shares during the period. Norges Bank purchased a new position in shares of Microchip Technology during the fourth quarter valued at $462,517,000. Boston Partners purchased a new position in shares of Microchip Technology during the first quarter valued at $309,618,000. Finally, Pictet Asset Management SA increased its stake in shares of Microchip Technology by 90.6% during the fourth quarter. Pictet Asset Management SA now owns 4,498,656 shares of the semiconductor company’s stock valued at $391,653,000 after buying an additional 2,138,768 shares during the period. 89.81% of the stock is currently owned by institutional investors.
Microchip Technology Trading Down 0.7 %
Microchip Technology stock opened at $64.50 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.78 and a debt-to-equity ratio of 1.27. Microchip Technology Incorporated has a 52 week low of $54.33 and a 52 week high of $90.00. The company has a market capitalization of $35.64 billion, a price-to-earnings ratio of 23.71, a price-to-earnings-growth ratio of 0.82 and a beta of 1.62. The stock has a 50-day moving average price of $65.27 and a 200 day moving average price of $67.74.
Microchip Technology Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Friday, August 19th were issued a $0.301 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a yield of 1.87%. Microchip Technology’s payout ratio is presently 44.12%.
Analyst Ratings Changes
Several equities analysts have recently commented on the company. BMO Capital Markets cut their price target on Microchip Technology from $95.00 to $85.00 in a research note on Tuesday, May 10th. Morgan Stanley raised their price target on Microchip Technology from $81.00 to $82.00 and gave the company an “overweight” rating in a research note on Wednesday, August 3rd. Bank of America cut their target price on Microchip Technology from $85.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Citigroup cut their target price on Microchip Technology from $78.00 to $72.00 in a research note on Tuesday, May 10th. Finally, B. Riley lifted their target price on Microchip Technology from $78.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.73.
Insider Buying and Selling at Microchip Technology
In other Microchip Technology news, CEO Ganesh Moorthy bought 8,000 shares of Microchip Technology stock in a transaction dated Friday, June 17th. The stock was acquired at an average cost of $57.29 per share, with a total value of $458,320.00. Following the purchase, the chief executive officer now directly owns 720,313 shares in the company, valued at approximately $41,266,731.77. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Ganesh Moorthy purchased 8,000 shares of the company’s stock in a transaction that occurred on Friday, June 17th. The stock was purchased at an average cost of $57.29 per share, for a total transaction of $458,320.00. Following the completion of the transaction, the chief executive officer now owns 720,313 shares of the company’s stock, valued at $41,266,731.77. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,379 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total value of $162,271.59. Following the sale, the chief financial officer now owns 35,333 shares of the company’s stock, valued at $2,410,063.93. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
Microchip Technology Profile
Microchip Technology Incorporated develops, manufactures, and sells 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 microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
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