OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 4,977 shares of the semiconductor company’s stock, valued at approximately $400,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the first quarter valued at approximately $39,000. Versant Capital Management Inc raised 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 valued at $48,000 after acquiring an additional 317 shares in the last quarter. Wolff Wiese Magana LLC lifted its position in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. TruNorth Capital Management LLC acquired a new stake in shares of Microchip Technology during the 2nd quarter worth $55,000. Finally, Family Firm Inc. acquired a new position in Microchip Technology in the second quarter valued at about $62,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.10% of the company’s stock.

Microchip Technology Trading Down 1.1 %

Shares of MCHP stock opened at $66.59 on Thursday. The stock has a 50-day moving average of $76.31 and a 200-day moving average of $84.58. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The stock has a market cap of $35.76 billion, a price-to-earnings ratio of 46.57 and a beta of 1.53. Microchip Technology Incorporated has a 1-year low of $65.56 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 EPS. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.73%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 127.27%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. TD Cowen reduced their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their price objective for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. KeyCorp cut their target price on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Mizuho set a $95.00 price objective on Microchip Technology in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price 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.