Olympiad Research LP Boosts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Olympiad Research LP boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 277.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 9,560 shares of the semiconductor company’s stock after acquiring an additional 7,027 shares during the quarter. Olympiad Research LP’s holdings in Microchip Technology were worth $768,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Microchip Technology by 2,390.5% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after purchasing an additional 2,199,290 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in Microchip Technology by 18,944.8% during the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after purchasing an additional 1,962,685 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after purchasing an additional 1,921,497 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in Microchip Technology by 425.3% during the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after purchasing an additional 1,114,962 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated 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 sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $102.00 to $100.00 in a report on Thursday, July 11th. Susquehanna decreased their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday. Jefferies Financial Group reduced their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. reduced their target price 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, Piper Sandler reduced their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Price Performance

Microchip Technology stock opened at $73.75 on Thursday. Microchip Technology Incorporated has a 12-month low of $71.76 and a 12-month high of $100.57. The stock has a market cap of $39.57 billion, a P/E ratio of 51.57 and a beta of 1.53. The company has a 50-day moving average price of $77.05 and a 200 day moving average price of $85.12. 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 released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the business earned $1.54 earnings per share. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.47%. Microchip Technology’s dividend payout ratio (DPR) is currently 126.57%.

Microchip Technology 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.