Swedbank AB Purchases 13,392 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Swedbank AB increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 62.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,885 shares of the semiconductor company’s stock after acquiring an additional 13,392 shares during the quarter. Swedbank AB’s holdings in Microchip Technology were worth $2,801,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Empowered Funds LLC increased its stake in Microchip Technology by 25.7% during the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after purchasing an additional 19,663 shares in the last quarter. Pinnacle Associates Ltd. increased its stake in Microchip Technology by 50.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after purchasing an additional 35,213 shares in the last quarter. Cerity Partners LLC increased its stake in Microchip Technology by 14.2% during the 3rd quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock valued at $20,880,000 after purchasing an additional 32,340 shares in the last quarter. Aigen Investment Management LP acquired a new position in Microchip Technology during the 3rd quarter valued at approximately $2,391,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Microchip Technology by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock valued at $243,034,000 after purchasing an additional 25,872 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on MCHP. Citigroup cut their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Evercore ISI restated an “outperform” rating and set a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. TD Cowen dropped their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Finally, Needham & Company LLC dropped their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Performance

MCHP opened at $67.87 on Thursday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The company has a market cap of $36.45 billion, a price-to-earnings ratio of 47.46 and a beta of 1.53. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The firm’s fifty day simple moving average is $74.10 and its two-hundred day simple moving average is $82.69.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue was down 48.4% compared to the same quarter last year. During the same period last year, the firm posted $1.54 earnings per share. Equities analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.68%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

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.