Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by National Bank of Canada FI

National Bank of Canada FI boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 42.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 473,800 shares of the semiconductor company’s stock after acquiring an additional 142,171 shares during the period. National Bank of Canada FI’s holdings in Microchip Technology were worth $22,937,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Federated Hermes Inc. raised its holdings in Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock valued at $2,254,000 after acquiring an additional 209 shares in the last quarter. Northwest Bank & Trust Co raised its holdings in Microchip Technology by 3.0% in the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company’s stock valued at $424,000 after acquiring an additional 217 shares in the last quarter. Clearstead Trust LLC raised its holdings in Microchip Technology by 10.5% in the first quarter. Clearstead Trust LLC now owns 2,356 shares of the semiconductor company’s stock valued at $114,000 after acquiring an additional 224 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in Microchip Technology by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company’s stock valued at $2,238,000 after acquiring an additional 230 shares in the last quarter. Finally, Greenleaf Trust raised its holdings in Microchip Technology by 1.0% in the first quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company’s stock valued at $1,207,000 after acquiring an additional 242 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. KeyCorp upped their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Susquehanna increased their target price on shares of Microchip Technology from $60.00 to $90.00 and gave the stock a “positive” rating in a report on Tuesday, July 22nd. B. Riley increased their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Evercore ISI increased their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an “outperform” rating in a report on Thursday, June 12th. Finally, Piper Sandler increased their target price on shares of Microchip Technology from $65.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $76.58.

Microchip Technology Stock Performance

Shares of MCHP opened at $61.87 on Monday. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $82.87. The company has a 50-day moving average of $69.65 and a two-hundred day moving average of $58.09. The stock has a market cap of $33.39 billion, a price-to-earnings ratio of -181.97, a PEG ratio of 1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.31 and a quick ratio of 1.33.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.05 billion. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. The firm’s revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.53 earnings per share. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently -535.29%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer owned 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director directly owned 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by company insiders.

Microchip Technology Company 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.