Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Norway Savings Bank

Norway Savings Bank lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 37,377 shares of the semiconductor company’s stock after buying an additional 205 shares during the quarter. Microchip Technology comprises approximately 1.8% of Norway Savings Bank’s investment portfolio, making the stock its 10th largest holding. Norway Savings Bank’s holdings in Microchip Technology were worth $3,349,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Geode Capital Management LLC grew its position in Microchip Technology by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 11,714,851 shares of the semiconductor company’s stock valued at $979,918,000 after purchasing an additional 217,223 shares during the period. Boston Partners grew its position in Microchip Technology by 4.6% in the 1st quarter. Boston Partners now owns 8,303,250 shares of the semiconductor company’s stock valued at $693,717,000 after purchasing an additional 367,762 shares during the period. Macquarie Group Ltd. grew its position in Microchip Technology by 4.3% in the 1st quarter. Macquarie Group Ltd. now owns 7,990,999 shares of the semiconductor company’s stock valued at $669,486,000 after purchasing an additional 326,819 shares during the period. Northern Trust Corp grew its position in Microchip Technology by 1.7% in the 1st quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after purchasing an additional 123,806 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in Microchip Technology by 659.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 6,764,357 shares of the semiconductor company’s stock valued at $87,214,000 after purchasing an additional 5,873,389 shares during the period. Institutional investors and hedge funds own 90.85% of the company’s stock.

Microchip Technology Stock Performance

MCHP traded down $2.40 during trading hours on Friday, hitting $77.63. The stock had a trading volume of 8,587,264 shares, compared to its average volume of 4,858,932. The company’s fifty day simple moving average is $84.64 and its 200 day simple moving average is $81.71. Microchip Technology Incorporated has a 1 year low of $54.77 and a 1 year high of $94.30. The stock has a market cap of $42.26 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 1.12 and a beta of 1.63. 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 (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.64 earnings per share for the quarter, hitting the consensus estimate of $1.64. Microchip Technology had a return on equity of 51.51% and a net margin of 27.35%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter last year, the firm posted $1.30 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. Equities analysts anticipate that Microchip Technology Incorporated will post 5.8 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 5th. Shareholders of record on Tuesday, August 22nd were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend was Monday, August 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.38. Microchip Technology’s payout ratio is presently 37.96%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MCHP. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $95.00 to $105.00 and gave the company an “equal weight” rating in a research report on Thursday, July 20th. Citigroup raised their price objective on Microchip Technology from $76.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, July 18th. Truist Financial raised their price objective on Microchip Technology from $95.00 to $104.00 and gave the company a “buy” rating in a research note on Friday, July 14th. Needham & Company LLC restated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Monday, August 7th. Finally, Morgan Stanley raised their price objective on Microchip Technology from $97.00 to $101.00 and gave the company an “overweight” rating in a research note on Friday, August 4th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $98.18.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,363 shares of Microchip Technology 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 completion of the transaction, the chief financial officer now owns 32,004 shares of the company’s stock, valued at approximately $2,516,474.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.07% of the company’s stock.

Microchip Technology Company 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.