Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Swedbank AB

Swedbank AB grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 62.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 34,885 shares of the semiconductor company’s stock after buying an additional 13,392 shares during the quarter. Swedbank AB’s holdings in Microchip Technology were worth $2,801,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. SeaCrest Wealth Management LLC raised its position in shares of Microchip Technology by 3.3% in the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after buying an additional 131 shares during the last quarter. Corundum Group Inc. increased its position in Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its position in Microchip Technology by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after purchasing an additional 148 shares during the last quarter. Busey Bank increased its position in Microchip Technology by 2.6% during the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after purchasing an additional 155 shares during the last quarter. Finally, Financial Advocates Investment Management increased its position in Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after purchasing an additional 158 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Down 0.8 %

Shares of Microchip Technology stock opened at $67.87 on Thursday. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The company has a 50 day moving average of $74.10 and a 200 day moving average of $82.69. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $36.45 billion, a P/E ratio of 47.46 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the firm earned $1.54 earnings per share. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. As a group, research analysts forecast 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. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.68%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Analyst Ratings Changes

Several research firms recently issued reports on MCHP. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Jefferies Financial Group cut their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

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.