Commerzbank Aktiengesellschaft FI Acquires 7,447 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Commerzbank Aktiengesellschaft FI raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 214.6% during the third quarter, Holdings Channel.com reports. The fund owned 10,917 shares of the semiconductor company’s stock after purchasing an additional 7,447 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Microchip Technology were worth $877,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Financial Counselors Inc. boosted its position in shares of Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after purchasing an additional 119 shares in the last quarter. SeaCrest Wealth Management LLC increased its stake in Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after buying an additional 131 shares during the last quarter. Corundum Group Inc. increased its stake in Microchip Technology by 3.4% in the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after buying an additional 143 shares during the last quarter. Horizon Bancorp Inc. IN increased its stake in Microchip Technology by 11.8% in the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after buying an additional 145 shares during the last quarter. Finally, Indiana Trust & Investment Management CO increased its stake in Microchip Technology by 18.4% in the 1st quarter. Indiana Trust & Investment Management CO now owns 999 shares of the semiconductor company’s stock valued at $90,000 after buying an additional 155 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Citigroup lowered their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Mizuho set a $95.00 price objective on shares of Microchip Technology in a research note on Friday, October 18th. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Wednesday, July 31st. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $90.00 to $100.00 in a report on Friday, August 16th. Finally, Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $97.89.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

MCHP stock opened at $75.27 on Thursday. The company has a 50 day simple moving average of $78.13 and a 200 day simple moving average of $85.90. The stock has a market cap of $40.38 billion, a price-to-earnings ratio of 21.69 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

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

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.454 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is 52.16%.

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.