Forsta AP Fonden Has $8.98 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Forsta AP Fonden grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 17.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 111,800 shares of the semiconductor company’s stock after acquiring an additional 16,300 shares during the period. Forsta AP Fonden’s holdings in Microchip Technology were worth $8,976,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Pathway Financial Advisers LLC bought a new position in Microchip Technology in the 1st quarter worth approximately $39,000. Versant Capital Management Inc raised its position in shares of 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 acquiring an additional 317 shares during the last quarter. Wolff Wiese Magana LLC lifted its stake in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Microchip Technology during the first quarter valued at $54,000. Finally, TruNorth Capital Management LLC bought a new position in Microchip Technology in the second quarter valued at about $55,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MCHP shares. Mizuho set a $95.00 target price on shares of Microchip Technology in a research report on Friday, October 18th. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $90.00 to $100.00 in a report on Friday, August 16th. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. Finally, Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.89.

Microchip Technology Stock Up 0.6 %

NASDAQ:MCHP opened at $76.29 on Monday. The stock has a 50-day simple moving average of $77.93 and a 200 day simple moving average of $85.68. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a market cap of $40.93 billion, a PE ratio of 21.99 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. The company 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 business’s quarterly revenue was down 45.8% on a year-over-year basis. During the same period last year, the business earned $1.56 EPS. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.38%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s 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 sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.07% of the stock is owned by corporate insiders.

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.