Handelsbanken Fonder AB grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 5.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 236,950 shares of the semiconductor company's stock after buying an additional 12,558 shares during the period. Handelsbanken Fonder AB's holdings in Microchip Technology were worth $19,025,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently modified their holdings of the stock. Rise Advisors LLC bought a new position in Microchip Technology during the 1st quarter worth approximately $28,000. Pineridge Advisors LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at $33,000. Steph & Co. increased its position in shares of Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company's stock valued at $37,000 after buying an additional 151 shares in the last quarter. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at $39,000. Finally, Richardson Capital Management LLC bought a new position in Microchip Technology during the first quarter worth about $45,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.
Shares of MCHP opened at $77.68 on Monday. 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 company's fifty day simple moving average is $78.80 and its 200 day simple moving average is $86.94. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a market cap of $41.68 billion, a price-to-earnings ratio of 22.39 and a beta of 1.52.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its 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. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the prior year, the firm earned $1.56 EPS. Microchip Technology's quarterly revenue was down 45.8% compared to the same quarter last year. On average, research analysts forecast that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Thursday, August 22nd. Microchip Technology's payout ratio is currently 52.16%.
A number of research firms have recently commented on MCHP. B. Riley dropped their price target on Microchip Technology from $110.00 to $103.00 and set a "buy" rating on the stock in a research report on Friday, August 2nd. Bank of America downgraded shares of Microchip Technology from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Susquehanna reduced their price target on shares of Microchip Technology from $115.00 to $105.00 and set a "positive" rating for the company in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Friday, August 2nd. Finally, Citigroup cut their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a "buy" rating on the stock in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and an average price target of $99.47.
Check Out Our Latest Stock Report on Microchip Technology
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.07% of the stock is owned by insiders.
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.
Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHP - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Microchip Technology, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Microchip Technology wasn't on the list.
While Microchip Technology currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.