OVERSEA CHINESE BANKING Corp Ltd Buys 2,705 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 54.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,682 shares of the semiconductor company’s stock after acquiring an additional 2,705 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Microchip Technology were worth $448,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in MCHP. United Bank raised its position in Microchip Technology by 21.0% in the third quarter. United Bank now owns 9,871 shares of the semiconductor company’s stock worth $793,000 after acquiring an additional 1,712 shares during the period. OneDigital Investment Advisors LLC raised its position in Microchip Technology by 6.7% in the third quarter. OneDigital Investment Advisors LLC now owns 4,458 shares of the semiconductor company’s stock worth $358,000 after acquiring an additional 280 shares during the period. Quest Partners LLC raised its position in Microchip Technology by 463,300.0% in the third quarter. Quest Partners LLC now owns 4,634 shares of the semiconductor company’s stock worth $372,000 after acquiring an additional 4,633 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Microchip Technology in the third quarter worth about $2,203,000. Finally, West Family Investments Inc. bought a new stake in Microchip Technology in the third quarter worth about $203,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

MCHP stock opened at $51.00 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57. The stock has a market cap of $27.43 billion, a PE ratio of 91.07 and a beta of 1.52. The firm has a 50 day simple moving average of $56.24 and a two-hundred day simple moving average of $65.03.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 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%. On average, analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business 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 was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.57%. Microchip Technology’s dividend payout ratio is presently 325.00%.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction 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. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MCHP. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. KeyCorp reduced their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Raymond James reiterated a “strong-buy” rating and issued a $60.00 target price (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Stifel Nicolaus reduced their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

About Microchip Technology

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.