Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Raised by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,685 shares of the semiconductor company’s stock after acquiring an additional 249 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Microchip Technology were worth $4,546,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Rise Advisors LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at approximately $28,000. Pineridge Advisors LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $33,000. Steph & Co. increased its holdings in shares of Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares during the last quarter. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at approximately $39,000. Finally, Richardson Capital Management LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at approximately $45,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Down 0.8 %

NASDAQ:MCHP opened at $76.36 on Thursday. The firm has a market capitalization of $40.97 billion, a price-to-earnings ratio of 22.01 and a beta of 1.53. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The business’s fifty day moving average price is $81.73 and its 200 day moving average price is $87.86.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly 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 firm had revenue of $1.24 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the firm earned $1.56 earnings per share. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a dividend of $0.454 per share. This represents a $1.82 annualized dividend and a yield of 2.38%. This is a positive change 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%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the subject of a number of recent research reports. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. TD Cowen lowered their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. B. Riley lowered their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, Needham & Company LLC lowered their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $99.95.

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.