Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Swiss National Bank

Swiss National Bank lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,592,414 shares of the semiconductor company’s stock after selling 7,500 shares during the period. Swiss National Bank owned 0.30% of Microchip Technology worth $127,855,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology during the 3rd quarter worth about $34,000. Pathway Financial Advisers LLC acquired a new position in Microchip Technology during the first quarter worth approximately $39,000. Versant Capital Management Inc increased its position in Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after buying an additional 317 shares during the period. TruNorth Capital Management LLC acquired a new position in Microchip Technology during the second quarter worth approximately $55,000. Finally, Wolff Wiese Magana LLC increased its position in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on MCHP. TD Cowen cut their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the company from $89.00 to $80.00 in a report on Monday, September 23rd. KeyCorp dropped their target price on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $92.00.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.10% of the company’s stock.

Microchip Technology Stock Up 3.8 %

MCHP opened at $65.25 on Tuesday. The business’s fifty day moving average is $75.45 and its two-hundred day moving average is $83.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The company has a market cap of $35.04 billion, a price-to-earnings ratio of 45.63 and a beta of 1.53. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the business earned $1.54 earnings per share. The business’s revenue was down 48.4% on a year-over-year basis. Analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio is currently 127.27%.

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.