CANADA LIFE ASSURANCE Co Has $44.21 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

CANADA LIFE ASSURANCE Co lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 16.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 492,935 shares of the semiconductor company’s stock after acquiring an additional 69,398 shares during the quarter. CANADA LIFE ASSURANCE Co owned approximately 0.09% of Microchip Technology worth $44,211,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. BKM Wealth Management LLC bought a new position in shares of Microchip Technology during the fourth quarter valued at $27,000. Rakuten Securities Inc. bought a new position in Microchip Technology during the 4th quarter worth $27,000. Rise Advisors LLC acquired a new position in Microchip Technology during the 1st quarter worth about $28,000. Pineridge Advisors LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $33,000. Finally, Steph & Co. grew 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 during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on MCHP. Jefferies Financial Group assumed coverage on Microchip Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $115.00 price objective on the stock. Citigroup upped their price objective on shares of Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Piper Sandler reissued a “neutral” rating and set a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Evercore ISI assumed coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. Finally, Stifel Nicolaus increased their price target on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $102.17.

Microchip Technology Stock Up 1.2 %

NASDAQ MCHP traded up $1.05 during mid-day trading on Thursday, hitting $87.62. The company’s stock had a trading volume of 6,660,946 shares, compared to its average volume of 5,758,404. The firm has a market capitalization of $47.01 billion, a price-to-earnings ratio of 24.95 and a beta of 1.54. The company’s 50 day simple moving average is $93.29 and its 200 day simple moving average is $89.44. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the company earned $1.56 earnings per share. The business’s revenue was down 40.6% on a year-over-year basis. Analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a $0.452 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio is presently 52.16%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,993 shares of company stock worth $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.