Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Swedbank AB

Swedbank AB grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 62.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,885 shares of the semiconductor company’s stock after purchasing an additional 13,392 shares during the quarter. Swedbank AB’s holdings in Microchip Technology were worth $2,801,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MCHP. Rise Advisors LLC acquired a new stake in Microchip Technology in the first quarter valued at $28,000. Steph & Co. lifted its stake in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in Microchip Technology in the first quarter valued at approximately $39,000. Richardson Capital Management LLC purchased a new position in Microchip Technology in the first quarter valued at approximately $45,000. Finally, Versant Capital Management Inc raised its holdings in Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $77.34 on Friday. The stock has a market capitalization of $41.49 billion, a price-to-earnings ratio of 22.29 and a beta of 1.52. The business’s 50 day moving average is $78.29 and its two-hundred day moving average is $86.17. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month 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.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the company posted $1.56 earnings per share. Microchip Technology’s quarterly revenue was down 45.8% on a year-over-year basis. Research analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a dividend of $0.454 per share. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.35%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MCHP. Citigroup lowered their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. B. Riley dropped their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. TD Cowen cut their target price on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. JPMorgan Chase & Co. decreased their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $98.42.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal 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.