DekaBank Deutsche Girozentrale trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 5.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 523,854 shares of the semiconductor company’s stock after selling 32,366 shares during the quarter. DekaBank Deutsche Girozentrale owned 0.10% of Microchip Technology worth $43,152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently added to or reduced their stakes in MCHP. Aviva PLC grew its holdings in shares of Microchip Technology by 21.0% during the fourth quarter. Aviva PLC now owns 316,258 shares of the semiconductor company’s stock valued at $29,718,000 after buying an additional 54,859 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its position in Microchip Technology by 84.7% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 21,887 shares of the semiconductor company’s stock worth $1,538,000 after acquiring an additional 10,034 shares during the period. Independence Bank of Kentucky grew its stake in Microchip Technology by 70.1% during the 1st quarter. Independence Bank of Kentucky now owns 2,388 shares of the semiconductor company’s stock valued at $200,000 after purchasing an additional 984 shares during the last quarter. abrdn plc grew its stake in Microchip Technology by 9.6% during the 4th quarter. abrdn plc now owns 144,752 shares of the semiconductor company’s stock valued at $10,169,000 after purchasing an additional 12,706 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Microchip Technology by 1.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 211,743 shares of the semiconductor company’s stock valued at $14,875,000 after purchasing an additional 3,581 shares during the period. 91.54% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on MCHP shares. StockNews.com began coverage on Microchip Technology in a research report on Thursday, May 18th. They issued a “buy” rating on the stock. TD Cowen dropped their price objective on shares of Microchip Technology from $85.00 to $80.00 and set a “market perform” rating on the stock in a report on Friday, May 5th. Susquehanna cut their price objective on shares of Microchip Technology from $95.00 to $90.00 in a research note on Friday, May 5th. Citigroup decreased their target price on shares of Microchip Technology from $85.00 to $76.00 in a research report on Friday, May 5th. Finally, Stifel Nicolaus cut their price target on Microchip Technology from $100.00 to $95.00 in a research report on Friday, May 5th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $91.00.
Microchip Technology Trading Down 0.3 %
Microchip Technology (NASDAQ:MCHP – Free Report) last issued its quarterly earnings results on Thursday, May 4th. The semiconductor company reported $1.56 EPS for the quarter, topping the consensus estimate of $1.55 by $0.01. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Microchip Technology had a return on equity of 51.12% and a net margin of 26.52%. On average, sell-side analysts predict that Microchip Technology Incorporated will post 5.95 EPS for the current fiscal year.
Microchip Technology Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 5th. Shareholders of record on Monday, May 22nd were issued a $0.383 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Friday, May 19th. This represents a $1.53 dividend on an annualized basis and a yield of 1.77%. Microchip Technology’s dividend payout ratio is presently 38.15%.
Insiders Place Their Bets
In related news, CFO James Eric Bjornholt sold 2,470 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $78.32, for a total value of $193,450.40. Following the completion of the sale, the chief financial officer now owns 32,004 shares of the company’s stock, valued at $2,506,553.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.00% of the company’s stock.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells 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 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.
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