Handelsbanken Fonder AB Boosts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Handelsbanken Fonder AB lifted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 17.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 277,224 shares of the semiconductor company’s stock after purchasing an additional 40,274 shares during the period. Handelsbanken Fonder AB’s holdings in Microchip Technology were worth $15,899,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pallas Capital Advisors LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth about $5,917,000. Consolidated Planning Corp purchased a new position in shares of Microchip Technology in the fourth quarter worth about $308,000. Quadrature Capital Ltd purchased a new position in shares of Microchip Technology in the third quarter worth about $3,312,000. Symphony Financial Ltd. Co. purchased a new position in shares of Microchip Technology in the fourth quarter worth about $520,000. Finally, Benjamin Edwards Inc. lifted its stake in shares of Microchip Technology by 5,185.4% in the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after buying an additional 9,230 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Down 5.0 %

Shares of MCHP stock opened at $61.07 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The stock has a market capitalization of $32.84 billion, a P/E ratio of 109.05 and a beta of 1.50. The company has a 50 day moving average price of $56.68 and a 200 day moving average price of $68.16. Microchip Technology Incorporated has a fifty-two week low of $50.21 and a fifty-two week high of $100.57.

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

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 2.98%. Microchip Technology’s dividend payout ratio is currently 325.00%.

Analyst Ratings Changes

Several research firms recently issued reports on MCHP. KeyCorp cut their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Citigroup cut their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Jefferies Financial Group cut their price objective 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, November 6th. Piper Sandler restated an “overweight” rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Mizuho cut their price objective on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.11.

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.