Tredje AP fonden Has $61.36 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Tredje AP fonden lowered its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 13.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 670,555 shares of the semiconductor company’s stock after selling 108,316 shares during the period. Tredje AP fonden owned approximately 0.12% of Microchip Technology worth $61,356,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Clearbridge Investments LLC grew its position in shares of Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after buying an additional 1,962,685 shares during the period. Vanguard Group Inc. grew its holdings in Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the period. Canada Pension Plan Investment Board increased its stake in Microchip Technology by 425.3% in the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after purchasing an additional 1,114,962 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 17.2% during the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after purchasing an additional 891,297 shares during the period. Finally, Boston Partners raised its holdings in shares of Microchip Technology by 10.7% during the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after purchasing an additional 736,818 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’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 sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.07% of the stock is owned by corporate insiders.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $77.00 on Wednesday. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The company has a market capitalization of $41.31 billion, a PE ratio of 22.19 and a beta of 1.53. The business has a fifty day moving average price of $82.12 and a two-hundred day moving average price of $87.94. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.56 earnings per share. Analysts forecast that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.36%. Microchip Technology’s dividend payout ratio is presently 52.16%.

Analysts Set New Price Targets

MCHP has been the topic of a number of research reports. Truist Financial dropped their price target on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Wednesday, July 31st. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. TD Cowen lowered their price objective on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Finally, B. Riley reduced their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.95.

About Microchip Technology

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.