Norden Group LLC Has $4.93 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Norden Group LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1,893.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,992 shares of the semiconductor company’s stock after acquiring an additional 52,234 shares during the quarter. Norden Group LLC’s holdings in Microchip Technology were worth $4,934,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Norges Bank acquired a new position in Microchip Technology during the 4th quarter worth approximately $672,196,000. Truist Financial Corp increased its holdings in shares of Microchip Technology by 324.0% during the fourth quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after buying an additional 1,386,924 shares in the last quarter. Corient Private Wealth LLC lifted its stake in shares of Microchip Technology by 76.6% in the 4th quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock valued at $184,251,000 after acquiring an additional 886,068 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Microchip Technology by 16.0% during the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after acquiring an additional 714,376 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its position in Microchip Technology by 173.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after acquiring an additional 673,924 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Piper Sandler reiterated a “neutral” rating and set a $90.00 price target (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. B. Riley increased their price target on Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Evercore ISI initiated coverage on Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective on the stock. Needham & Company LLC upped their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, The Goldman Sachs Group boosted their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Insider Activity

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

Microchip Technology Trading Up 1.7 %

Shares of Microchip Technology stock opened at $93.58 on Thursday. The stock has a market capitalization of $50.24 billion, a P/E ratio of 26.97 and a beta of 1.54. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The stock’s 50-day simple moving average is $93.30 and its 200 day simple moving average is $89.09. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the company earned $1.56 earnings per share. Microchip Technology’s revenue for the quarter was down 40.6% on a year-over-year basis. As a group, research analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were given a dividend of $0.452 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a yield of 1.93%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

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 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.