Alerus Financial NA Purchases New Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Alerus Financial NA acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 34,330 shares of the semiconductor company’s stock, valued at approximately $1,969,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of MCHP. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the 3rd quarter worth about $34,000. Mainstream Capital Management LLC acquired a new stake in Microchip Technology in the 4th quarter valued at approximately $26,000. Rakuten Securities Inc. raised its stake in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology in the 4th quarter worth approximately $29,000. Finally, Financial Life Planners bought a new stake in Microchip Technology in the fourth quarter worth about $32,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

MCHP stock opened at $50.79 on Friday. The company’s fifty day simple moving average is $55.83 and its 200 day simple moving average is $64.16. The firm has a market cap of $27.32 billion, a price-to-earnings ratio of 90.70 and a beta of 1.52. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12-month low of $49.92 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.58%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MCHP. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $80.00 to $65.00 in a report on Monday, December 16th. KeyCorp cut their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Piper Sandler reissued an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Evercore ISI raised their target price on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Finally, Needham & Company LLC increased their price target on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $74.37.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.