Elo Mutual Pension Insurance Co Acquires 7,751 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Elo Mutual Pension Insurance Co lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 16.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,090 shares of the semiconductor company’s stock after purchasing an additional 7,751 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Microchip Technology were worth $3,159,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the fourth quarter worth $26,000. Rakuten Securities Inc. boosted its stake in Microchip Technology by 309.5% in 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 in the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology during the 4th quarter valued at about $29,000. Financial Life Planners bought a new stake in Microchip Technology during the 4th quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in Microchip Technology in the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling 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 shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MCHP shares. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Rosenblatt Securities reissued a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Evercore ISI upped their price target on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Stifel Nicolaus decreased their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Finally, Mizuho raised their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Stock Performance

MCHP opened at $48.70 on Friday. The company has a 50 day simple moving average of $55.65 and a two-hundred day simple moving average of $63.98. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm has a market cap of $26.19 billion, a P/E ratio of 86.96 and a beta of 1.52. Microchip Technology Incorporated has a 1-year low of $48.27 and a 1-year high of $100.57.

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

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.74%. Microchip Technology’s payout ratio is 325.00%.

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.