Nordea Investment Management AB Purchases 1,983 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Nordea Investment Management AB grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,255 shares of the semiconductor company’s stock after acquiring an additional 1,983 shares during the quarter. Nordea Investment Management AB’s holdings in Microchip Technology were worth $2,435,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Everence Capital Management Inc. increased its holdings in Microchip Technology by 111.7% during the 4th quarter. Everence Capital Management Inc. now owns 9,800 shares of the semiconductor company’s stock valued at $562,000 after purchasing an additional 5,170 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after buying an additional 776,408 shares during the period. Synovus Financial Corp increased its stake in shares of Microchip Technology by 9.6% in the 3rd quarter. Synovus Financial Corp now owns 70,644 shares of the semiconductor company’s stock valued at $5,672,000 after buying an additional 6,191 shares during the period. Tidal Investments LLC increased its stake in shares of Microchip Technology by 3.2% in the 3rd quarter. Tidal Investments LLC now owns 36,267 shares of the semiconductor company’s stock valued at $2,912,000 after buying an additional 1,108 shares during the period. Finally, Wilmington Savings Fund Society FSB increased its stake in shares of Microchip Technology by 16.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 60,394 shares of the semiconductor company’s stock valued at $4,849,000 after buying an additional 8,592 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the subject of several research reports. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. Stifel Nicolaus lowered their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. The Goldman Sachs Group decreased their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday. KeyCorp reduced their target price on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, December 3rd. Finally, TD Cowen cut their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.11.

Microchip Technology Trading Down 2.1 %

Shares of MCHP stock opened at $55.19 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The stock has a market cap of $29.64 billion, a P/E ratio of 38.59 and a beta of 1.52. The stock has a 50 day simple moving average of $62.84 and a 200 day simple moving average of $74.91. Microchip Technology Incorporated has a 1 year low of $54.47 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.54 earnings per share. On average, research analysts predict that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Microchip Technology 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.