Tredje AP fonden Reduces Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Tredje AP fonden reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 13.9% in the second quarter, Holdings Channel.com reports. The fund owned 670,555 shares of the semiconductor company’s stock after selling 108,316 shares during the period. Tredje AP fonden’s holdings in Microchip Technology were worth $61,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Swedbank AB bought a new position in Microchip Technology in the 1st quarter worth about $1,079,000. Caxton Associates LP boosted its position in shares of Microchip Technology by 4,511.5% in the fourth quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after acquiring an additional 391,326 shares during the period. SageView Advisory Group LLC grew its stake in Microchip Technology by 507.5% during the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after acquiring an additional 14,458 shares in the last quarter. RFG Advisory LLC increased its holdings in Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after acquiring an additional 8,931 shares during the period. Finally, Hennessy Advisors Inc. lifted its stake in Microchip Technology by 2,194.5% in the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after purchasing an additional 31,996 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $77.00 on Wednesday. The stock has a market capitalization of $41.31 billion, a P/E ratio of 22.19 and a beta of 1.53. The stock’s 50-day moving average price is $82.12 and its 200-day moving average price is $87.94. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.56 EPS. On average, equities analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.36%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

Analyst Upgrades and Downgrades

MCHP has been the topic of several research analyst reports. Susquehanna decreased their price target on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a report on Friday, August 2nd. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Finally, Citigroup dropped their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $99.95.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.07% of the stock is currently owned by company insiders.

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.