PGGM Investments Boosts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

PGGM Investments raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,855 shares of the semiconductor company’s stock after purchasing an additional 2,902 shares during the period. PGGM Investments’ holdings in Microchip Technology were worth $5,477,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology in the fourth quarter worth about $27,000. Rise Advisors LLC bought a new position in shares of Microchip Technology in the first quarter valued at approximately $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology in the fourth quarter valued at approximately $33,000. Steph & Co. boosted its position in shares of Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares during the period. Finally, Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology in the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $3,325,034.86. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,163 shares of company stock valued at $598,737. 2.07% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their price objective for the company from $85.00 to $115.00 in a research report on Friday, May 24th. Stifel Nicolaus lifted their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Citigroup dropped their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, KeyCorp lifted their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $99.42.

Microchip Technology Trading Up 4.2 %

Shares of NASDAQ MCHP traded up $3.26 during mid-day trading on Thursday, hitting $81.36. The stock had a trading volume of 1,952,235 shares, compared to its average volume of 6,002,910. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The business has a 50 day moving average price of $88.41 and a two-hundred day moving average price of $88.71. The firm has a market cap of $43.65 billion, a P/E ratio of 22.51 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The company’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.56 EPS. On average, equities analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.454 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

Microchip Technology 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.