BI Asset Management Fondsmaeglerselskab A S Decreases Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

BI Asset Management Fondsmaeglerselskab A S reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 22.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 93,048 shares of the semiconductor company’s stock after selling 26,280 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Microchip Technology were worth $8,347,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. BKM Wealth Management LLC bought a new position in shares of Microchip Technology in the 4th quarter worth approximately $27,000. Rakuten Securities Inc. purchased a new stake in Microchip Technology in the fourth quarter worth $27,000. Rise Advisors LLC bought a new position in Microchip Technology in the first quarter worth $28,000. Fortitude Family Office LLC purchased a new position in Microchip Technology in the fourth quarter worth about $29,000. Finally, Pineridge Advisors LLC bought a new position in shares of Microchip Technology in the fourth quarter worth approximately $33,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MCHP shares. Needham & Company LLC raised their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Truist Financial upped their price target on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Evercore ISI initiated coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective for the company. Susquehanna boosted their target price on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a research report on Tuesday, May 7th. Finally, Piper Sandler restated a “neutral” rating and set a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Insider Buying and Selling

In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred 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 $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,993 shares of company stock valued at $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

NASDAQ:MCHP traded up $1.62 during trading hours on Wednesday, hitting $93.96. 1,403,350 shares of the stock traded hands, compared to its average volume of 5,682,876. The company has a market cap of $50.45 billion, a price-to-earnings ratio of 27.20 and a beta of 1.54. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The stock has a 50 day moving average price of $93.36 and a 200 day moving average price of $89.18. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company’s revenue was down 40.6% on a year-over-year basis. During the same period last year, the firm earned $1.56 EPS. Sell-side analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a dividend of $0.452 per share. The ex-dividend date was Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 1.92%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

About Microchip Technology

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.