DNB Asset Management AS decreased its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 10.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,831 shares of the semiconductor company’s stock after selling 2,692 shares during the quarter. DNB Asset Management AS’s holdings in Microchip Technology were worth $2,066,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Dubuque Bank & Trust Co. grew its position in shares of Microchip Technology by 4.6% during the 1st quarter. Dubuque Bank & Trust Co. now owns 3,163 shares of the semiconductor company’s stock worth $262,000 after buying an additional 140 shares in the last quarter. Trust Co. of Vermont boosted its position in Microchip Technology by 8.5% during the first quarter. Trust Co. of Vermont now owns 1,837 shares of the semiconductor company’s stock valued at $152,000 after purchasing an additional 144 shares in the last quarter. Wrapmanager Inc. boosted its position in Microchip Technology by 5.0% during the first quarter. Wrapmanager Inc. now owns 3,126 shares of the semiconductor company’s stock valued at $259,000 after purchasing an additional 150 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in Microchip Technology by 65.3% during the first quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 171 shares in the last quarter. Finally, Harvest Investment Services LLC boosted its position in Microchip Technology by 6.5% during the first quarter. Harvest Investment Services LLC now owns 3,079 shares of the semiconductor company’s stock valued at $269,000 after purchasing an additional 189 shares in the last quarter.
Microchip Technology stock traded up $1.54 during midday trading on Friday, reaching $88.38. The company’s stock had a trading volume of 1,587,000 shares, compared to its average volume of 2,462,504. Microchip Technology Inc. has a 52-week low of $60.70 and a 52-week high of $101.35. The stock has a market capitalization of $20.67 billion, a P/E ratio of 14.54, a PEG ratio of 1.33 and a beta of 1.41. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.93 and a quick ratio of 0.63. The stock’s 50-day simple moving average is $90.87 and its 200-day simple moving average is $88.68.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Stockholders of record on Wednesday, August 21st will be paid a $0.366 dividend. This represents a $1.46 annualized dividend and a dividend yield of 1.66%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, August 20th. Microchip Technology’s dividend payout ratio (DPR) is presently 24.01%.
A number of equities research analysts recently weighed in on MCHP shares. Wells Fargo & Co raised their price objective on Microchip Technology from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. They noted that the move was a valuation call. Mizuho raised their price objective on Microchip Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Zacks Investment Research downgraded Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 price objective on the stock. in a research report on Thursday, July 25th. Piper Jaffray Companies set a $110.00 price objective on Microchip Technology and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $115.00 price objective on shares of Microchip Technology in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. Microchip Technology currently has an average rating of “Hold” and an average target price of $101.76.
In other news, VP James Eric Bjornholt sold 2,188 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.21% of the company’s stock.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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