Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Royal London Asset Management Ltd.

Royal London Asset Management Ltd. raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 205,739 shares of the semiconductor company’s stock after purchasing an additional 8,877 shares during the period. Royal London Asset Management Ltd.’s holdings in Microchip Technology were worth $18,825,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after buying an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. increased its position in Microchip Technology by 0.4% in the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after acquiring an additional 33,603 shares during the period. Boston Partners raised its stake in Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after acquiring an additional 736,818 shares in the last quarter. Norges Bank acquired a new position in Microchip Technology during the 4th quarter worth $672,196,000. Finally, Van ECK Associates Corp grew its stake in shares of Microchip Technology by 4.9% in the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock worth $582,301,000 after purchasing an additional 295,626 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of recent analyst reports. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Wednesday, July 31st. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $85.00 to $115.00 in a research note on Friday, May 24th. TD Cowen decreased their price objective on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Needham & Company LLC dropped their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $99.95.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 3.0 %

Shares of MCHP opened at $77.45 on Thursday. The business’s 50-day moving average price is $83.39 and its 200 day moving average price is $88.11. 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 stock has a market capitalization of $41.55 billion, a P/E ratio of 22.32 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.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the business earned $1.56 earnings per share. The firm’s revenue was down 45.8% compared to the same quarter last year. Analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share for the current 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 2.34%. 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%.

Microchip Technology Company Profile

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.