Livforsakringsbolaget Skandia Omsesidigt Sells 7,200 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Livforsakringsbolaget Skandia Omsesidigt trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,930 shares of the semiconductor company’s stock after selling 7,200 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Microchip Technology were worth $6,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Optimum Investment Advisors bought a new stake in Microchip Technology during the first quarter worth approximately $29,000. Almanack Investment Partners LLC. bought a new position in shares of Microchip Technology during the 3rd quarter valued at approximately $29,000. Live Oak Investment Partners purchased a new stake in Microchip Technology during the 4th quarter valued at $30,000. VitalStone Financial LLC bought a new stake in Microchip Technology in the first quarter worth $38,000. Finally, Milestone Investment Advisors LLC purchased a new position in Microchip Technology during the first quarter worth $39,000. 90.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MCHP. Wolfe Research assumed coverage on shares of Microchip Technology in a report on Wednesday, July 19th. They issued a “market perform” rating for the company. Rosenblatt Securities reissued a “buy” rating and issued a $125.00 price objective on shares of Microchip Technology in a research note on Thursday, August 3rd. Citigroup upped their target price on Microchip Technology from $76.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, July 18th. Needham & Company LLC reissued a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Monday, August 7th. Finally, Wells Fargo & Company boosted their price objective on Microchip Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, August 4th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $98.18.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,363 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $78.63, for a total transaction of $185,802.69. Following the sale, the chief financial officer now owns 32,004 shares of the company’s stock, valued at $2,516,474.52. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 1.7 %

NASDAQ:MCHP traded up $1.36 during mid-day trading on Thursday, reaching $80.03. The company’s stock had a trading volume of 679,966 shares, compared to its average volume of 4,819,409. The company has a quick ratio of 0.60, a current ratio of 1.02 and a debt-to-equity ratio of 0.68. Microchip Technology Incorporated has a 1 year low of $54.77 and a 1 year high of $94.30. The stock has a fifty day moving average of $84.95 and a 200-day moving average of $81.74. The firm has a market capitalization of $43.56 billion, a PE ratio of 18.21, a price-to-earnings-growth ratio of 1.13 and a beta of 1.63.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.64 earnings per share for the quarter, hitting the consensus estimate of $1.64. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Microchip Technology had a net margin of 27.35% and a return on equity of 51.51%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.30 EPS. Equities research analysts forecast that Microchip Technology Incorporated will post 5.8 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Tuesday, August 22nd were issued a $0.41 dividend. The ex-dividend date of this dividend was Monday, August 21st. This is an increase from Microchip Technology’s previous quarterly dividend of $0.38. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.05%. Microchip Technology’s dividend payout ratio (DPR) is currently 37.96%.

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.