DnB Asset Management AS Raises Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

DnB Asset Management AS increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) by 1.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 75,700 shares of the semiconductor company’s stock after acquiring an additional 1,141 shares during the period. DnB Asset Management AS’s holdings in Microchip Technology were worth $4,397,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Riverview Trust Co acquired a new position in Microchip Technology during the first quarter worth $26,000. AdvisorNet Financial Inc lifted its stake in Microchip Technology by 1,083.3% during the first quarter. AdvisorNet Financial Inc now owns 355 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 325 shares in the last quarter. Landmark Wealth Management LLC acquired a new position in Microchip Technology during the first quarter worth $30,000. Kessler Investment Group LLC acquired a new position in Microchip Technology during the first quarter worth $32,000. Finally, Covestor Ltd acquired a new position in Microchip Technology during the fourth quarter worth $33,000. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $66.89 on Tuesday. The stock’s 50-day moving average is $66.96 and its two-hundred day moving average is $67.16. The firm has a market cap of $36.96 billion, a price-to-earnings ratio of 24.59, a PEG ratio of 0.83 and a beta of 1.62. Microchip Technology Incorporated has a 1 year low of $54.33 and a 1 year high of $90.00. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.17 and a current ratio of 1.78.

Microchip Technology (NASDAQ:MCHPGet Rating) last issued its quarterly earnings data on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.10. Microchip Technology had a return on equity of 44.90% and a net margin of 21.34%. During the same quarter last year, the business earned $0.88 EPS. Analysts predict that Microchip Technology Incorporated will post 5.42 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Friday, August 19th were issued a dividend of $0.301 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.28. The ex-dividend date was Thursday, August 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.80%. Microchip Technology’s dividend payout ratio (DPR) is presently 44.12%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,379 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total transaction of $162,271.59. Following the transaction, the chief financial officer now owns 35,333 shares of the company’s stock, valued at $2,410,063.93. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Matthew W. Chapman sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total transaction of $68,210.00. Following the transaction, the director now owns 37,682 shares of the company’s stock, valued at $2,570,289.22. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,379 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total value of $162,271.59. Following the transaction, the chief financial officer now directly owns 35,333 shares in the company, valued at approximately $2,410,063.93. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research reports. Stifel Nicolaus upgraded Microchip Technology from a “hold” rating to a “buy” rating and upped their price target for the stock from $70.00 to $75.00 in a research note on Tuesday, June 28th. The Goldman Sachs Group decreased their price target on Microchip Technology from $76.00 to $61.00 in a research note on Friday, July 15th. Mizuho increased their price objective on Microchip Technology from $72.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Morgan Stanley increased their price objective on Microchip Technology from $81.00 to $82.00 and gave the company an “overweight” rating in a research note on Wednesday, August 3rd. Finally, Needham & Company LLC increased their price objective on Microchip Technology from $75.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Four equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $89.73.

Microchip Technology Company Profile

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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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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