DNB Asset Management AS Raises Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

DNB Asset Management AS increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,859 shares of the semiconductor company’s stock after buying an additional 7,406 shares during the period. DNB Asset Management AS’s holdings in Microchip Technology were worth $7,948,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MCHP. Private Trust Co. NA increased its stake in Microchip Technology by 7.3% during the 4th quarter. Private Trust Co. NA now owns 6,089 shares of the semiconductor company’s stock worth $549,000 after buying an additional 414 shares during the period. International Assets Investment Management LLC increased its position in shares of Microchip Technology by 993.3% in the 4th quarter. International Assets Investment Management LLC now owns 299,896 shares of the semiconductor company’s stock worth $27,045,000 after purchasing an additional 272,465 shares during the last quarter. Advisors Preferred LLC bought a new stake in shares of Microchip Technology in the 4th quarter worth about $96,000. Sowell Financial Services LLC increased its position in shares of Microchip Technology by 5.6% in the 4th quarter. Sowell Financial Services LLC now owns 11,154 shares of the semiconductor company’s stock worth $1,006,000 after purchasing an additional 589 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC increased its position in shares of Microchip Technology by 26.9% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 13,017 shares of the semiconductor company’s stock worth $1,174,000 after purchasing an additional 2,760 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the subject of several research analyst reports. Piper Sandler reissued a “neutral” rating and issued a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. B. Riley reduced their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday. TD Cowen reduced their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday. Finally, Evercore ISI started coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target for the company. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.42.

Insider Buying and Selling

In related news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The disclosure for this sale can be found here. In the last three months, insiders sold 23,993 shares of company stock valued at $2,251,857. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 1.1 %

MCHP stock traded up $0.81 during trading hours on Tuesday, hitting $74.67. The company’s stock had a trading volume of 9,478,816 shares, compared to its average volume of 6,001,417. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $40.06 billion, a PE ratio of 21.68 and a beta of 1.54. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The stock has a 50 day moving average price of $91.17 and a two-hundred day moving average price of $89.38.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.56 earnings per share. On average, equities research analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a dividend of $0.454 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s dividend payout ratio is currently 52.16%.

About Microchip Technology

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 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.