Alerus Financial NA Buys Shares of 34,330 Microchip Technology Incorporated (NASDAQ:MCHP)

Alerus Financial NA purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, Holdings Channel reports. The fund purchased 34,330 shares of the semiconductor company’s stock, valued at approximately $1,969,000.

Several other institutional investors also recently bought and sold shares of the stock. Mainstream Capital Management LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth about $26,000. Rakuten Securities Inc. increased its holdings in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology during the 4th quarter worth $29,000. Financial Life Planners acquired a new position in Microchip Technology in the fourth quarter valued at approximately $32,000. Finally, Truvestments Capital LLC purchased a new position in shares of Microchip Technology during the third quarter worth about $34,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $80.00 to $65.00 in a research note on Monday, December 16th. KeyCorp lowered their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Evercore ISI raised their target price on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Piper Sandler reaffirmed an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $74.37.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Stock Down 2.6 %

MCHP stock opened at $50.79 on Friday. Microchip Technology Incorporated has a fifty-two week low of $49.92 and a fifty-two week high of $100.57. The company has a market capitalization of $27.32 billion, a price-to-earnings ratio of 90.70 and a beta of 1.52. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The stock has a fifty day moving average of $55.83 and a 200-day moving average of $64.16.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.58%. Microchip Technology’s payout ratio is currently 325.00%.

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.