Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by E. Ohman J or Asset Management AB

E. Ohman J or Asset Management AB reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 436,600 shares of the semiconductor company’s stock after selling 23,800 shares during the quarter. E. Ohman J or Asset Management AB owned 0.08% of Microchip Technology worth $35,055,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Pathway Financial Advisers LLC purchased a new position in Microchip Technology during the first quarter valued at $39,000. Richardson Capital Management LLC purchased a new position in Microchip Technology in the 1st quarter valued at about $45,000. Versant Capital Management Inc boosted its holdings in Microchip Technology by 148.8% in the 2nd 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 last quarter. CarsonAllaria Wealth Management Ltd. acquired a new stake in Microchip Technology in the 1st quarter worth about $54,000. Finally, TruNorth Capital Management LLC purchased a new stake in Microchip Technology during the 2nd quarter worth approximately $55,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MCHP. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. JPMorgan Chase & Co. cut their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, B. Riley lowered their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $97.89.

Microchip Technology Stock Up 0.8 %

Shares of MCHP opened at $75.86 on Friday. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The firm has a market cap of $40.70 billion, a P/E ratio of 21.86 and a beta of 1.52. The company’s 50-day moving average price is $78.13 and its 200 day moving average price is $85.90. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results 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 28.33%. The business’s revenue was down 45.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.56 EPS. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.73 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 issued a $0.454 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is currently owned by company insiders.

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.