Andra AP fonden Sells 11,400 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Andra AP fonden decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 319,946 shares of the semiconductor company’s stock after selling 11,400 shares during the quarter. Andra AP fonden owned approximately 0.06% of Microchip Technology worth $29,275,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Rise Advisors LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at about $28,000. Pineridge Advisors LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $33,000. Steph & Co. increased its position in Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 151 shares during the period. Pathway Financial Advisers LLC bought a new position in Microchip Technology during the 1st quarter worth approximately $39,000. Finally, Richardson Capital Management LLC acquired a new position in shares of Microchip Technology in the 1st quarter worth approximately $45,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.07% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of analyst reports. B. Riley lowered their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. dropped their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Jefferies Financial Group started coverage on Microchip Technology in a research note on Monday, May 13th. They set a “buy” rating and a $115.00 target price for the company. Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $115.00 in a report on Friday, May 24th. Finally, Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

Microchip Technology Stock Performance

MCHP opened at $75.41 on Tuesday. The company has a market cap of $40.46 billion, a price-to-earnings ratio of 21.73 and a beta of 1.53. The company’s fifty day moving average price is $84.05 and its two-hundred day moving average price is $88.24. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s revenue was down 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.56 EPS. On average, analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a dividend of $0.454 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.41%. Microchip Technology’s payout ratio is presently 52.45%.

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.