Handelsbanken Fonder AB Raises Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Handelsbanken Fonder AB boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 226,605 shares of the semiconductor company’s stock after purchasing an additional 19,228 shares during the period. Handelsbanken Fonder AB’s holdings in Microchip Technology were worth $20,435,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. OFI Invest Asset Management bought a new position in Microchip Technology during the 3rd quarter worth approximately $26,000. BKM Wealth Management LLC bought a new position in Microchip Technology during the 4th quarter worth approximately $27,000. Rakuten Securities Inc. bought a new position in Microchip Technology during the 4th quarter worth approximately $27,000. Fortitude Family Office LLC bought a new position in Microchip Technology during the 4th quarter worth approximately $29,000. Finally, Milestone Investment Advisors LLC bought a new position in Microchip Technology during the 3rd quarter worth approximately $36,000. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

MCHP has been the topic of a number of research analyst reports. Truist Financial reduced their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Thursday, January 18th. Stifel Nicolaus raised their price target on Microchip Technology from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Needham & Company LLC raised their price target on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Finally, The Goldman Sachs Group cut their price target on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $92.50.

Microchip Technology Stock Up 2.3 %

MCHP opened at $83.53 on Tuesday. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $94.30. The stock has a market cap of $45.14 billion, a P/E ratio of 19.52, a P/E/G ratio of 2.49 and a beta of 1.65. The stock’s 50 day moving average price is $86.50 and its 200 day moving average price is $84.41. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the firm earned $1.48 EPS. The firm’s revenue for the quarter was down 18.6% on a year-over-year basis. As a group, research analysts predict that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a dividend yield of 2.15%. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by insiders.

Microchip Technology 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.