DnB Asset Management AS Grows Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

DnB Asset Management AS increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) by 1.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,700 shares of the semiconductor company’s stock after purchasing an additional 1,141 shares during the quarter. DnB Asset Management AS’s holdings in Microchip Technology were worth $4,397,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Riverview Trust Co purchased a new position in Microchip Technology during the 1st quarter valued at approximately $26,000. AdvisorNet Financial Inc grew its holdings in Microchip Technology by 1,083.3% during the 1st quarter. AdvisorNet Financial Inc now owns 355 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 325 shares in the last quarter. Landmark Wealth Management LLC purchased a new position in Microchip Technology during the 1st quarter valued at approximately $30,000. Kessler Investment Group LLC purchased a new position in Microchip Technology during the 1st quarter valued at approximately $32,000. Finally, Covestor Ltd purchased a new position in Microchip Technology during the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 1,000 shares of Microchip Technology stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total transaction of $68,210.00. Following the completion of the sale, the director now directly owns 37,682 shares of the company’s stock, valued at approximately $2,570,289.22. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO James Eric Bjornholt sold 2,379 shares of Microchip Technology stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total value of $162,271.59. Following the transaction, the chief financial officer now directly owns 35,333 shares in the company, valued at approximately $2,410,063.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew W. Chapman sold 1,000 shares of Microchip Technology stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total value of $68,210.00. Following the completion of the transaction, the director now owns 37,682 shares in the company, valued at $2,570,289.22. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MCHP shares. Mizuho raised their price target on Microchip Technology from $72.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, August 3rd. Cowen lifted their target price on Microchip Technology from $60.00 to $72.00 and gave the stock an “outperform” rating in a report on Wednesday, August 3rd. Stifel Nicolaus upgraded Microchip Technology from a “hold” rating to a “buy” rating and lifted their target price for the stock from $70.00 to $75.00 in a report on Tuesday, June 28th. B. Riley lifted their target price on Microchip Technology from $78.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Finally, Cowen lifted their target price on Microchip Technology from $60.00 to $72.00 and gave the stock an “outperform” rating in a report on Wednesday, August 3rd. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $89.73.

Microchip Technology Trading Up 1.8 %

Shares of NASDAQ MCHP opened at $66.89 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.78 and a debt-to-equity ratio of 1.27. The business has a fifty day simple moving average of $66.96 and a two-hundred day simple moving average of $67.16. The firm has a market cap of $36.96 billion, a PE ratio of 24.59, a price-to-earnings-growth ratio of 0.83 and a beta of 1.62. Microchip Technology Incorporated has a twelve month low of $54.33 and a twelve month high of $90.00.

Microchip Technology (NASDAQ:MCHPGet Rating) last issued its earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.10. Microchip Technology had a return on equity of 44.90% and a net margin of 21.34%. During the same quarter last year, the firm posted $0.88 earnings per share. Analysts expect that Microchip Technology Incorporated will post 5.42 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Friday, August 19th were given a dividend of $0.301 per share. The ex-dividend date of this dividend was Thursday, August 18th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a yield of 1.80%. Microchip Technology’s payout ratio is 44.12%.

Microchip Technology Profile

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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 microprocessors markets; 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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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