Great West Life Assurance Co. Can boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 19.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 435,172 shares of the semiconductor company’s stock after purchasing an additional 71,662 shares during the period. Great West Life Assurance Co. Can owned about 0.08% of Microchip Technology worth $39,069,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the stock. Panagora Asset Management Inc. raised its position in shares of Microchip Technology by 31.8% during the 1st quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock valued at $1,633,000 after purchasing an additional 5,237 shares during the period. Cibc World Market Inc. raised its holdings in Microchip Technology by 292.9% during the first quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock valued at $3,331,000 after acquiring an additional 33,044 shares during the period. Vontobel Holding Ltd. lifted its position in shares of Microchip Technology by 4.1% in the first quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock valued at $2,259,000 after acquiring an additional 1,159 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Microchip Technology by 34.1% in the first quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock worth $335,000 after acquiring an additional 1,133 shares during the period. Finally, Loomis Sayles & Co. L P grew its position in shares of Microchip Technology by 1,272.4% during the first quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company’s stock worth $24,550,000 after purchasing an additional 302,910 shares in the last quarter. Institutional investors own 90.85% of the company’s stock.
Analyst Ratings Changes
MCHP has been the topic of a number of research reports. Susquehanna reduced their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Friday, November 3rd. Mizuho cut their price target on Microchip Technology from $89.00 to $86.00 and set a “neutral” rating for the company in a report on Friday, August 4th. KeyCorp reduced their price objective on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, November 3rd. Needham & Company LLC cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set a “buy” rating for the company in a report on Friday, November 3rd. Finally, Morgan Stanley decreased their price target on shares of Microchip Technology from $96.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, November 3rd. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $94.13.
Microchip Technology Trading Up 1.4 %
NASDAQ:MCHP opened at $84.71 on Tuesday. The firm has a 50-day simple moving average of $77.24 and a 200-day simple moving average of $80.89. Microchip Technology Incorporated has a one year low of $67.69 and a one year high of $94.30. The firm has a market cap of $45.83 billion, a P/E ratio of 18.62, a P/E/G ratio of 1.31 and a beta of 1.60. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.64 and a current ratio of 1.03.
Microchip Technology Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 6th. Investors of record on Wednesday, November 22nd will be paid a dividend of $0.439 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.41. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Tuesday, November 21st. Microchip Technology’s dividend payout ratio is 38.46%.
Insider Activity at Microchip Technology
In other news, CFO James Eric Bjornholt sold 2,363 shares of Microchip Technology stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $78.63, for a total value of $185,802.69. Following the transaction, the chief financial officer now owns 32,004 shares of the company’s stock, valued at approximately $2,516,474.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.07% of the stock is owned by corporate insiders.
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.
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