BI Asset Management Fondsmaeglerselskab A S Has $1.69 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

BI Asset Management Fondsmaeglerselskab A S lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 19.1% during the 4th quarter, HoldingsChannel reports. The fund owned 29,509 shares of the semiconductor company’s stock after buying an additional 4,740 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Microchip Technology were worth $1,692,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank acquired a new stake in Microchip Technology during the fourth quarter worth about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after purchasing an additional 3,912,895 shares during the period. Van ECK Associates Corp lifted its position in Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after purchasing an additional 3,131,807 shares during the period. Franklin Resources Inc. boosted its stake in Microchip Technology by 90.0% during the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after buying an additional 3,013,162 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after buying an additional 2,829,082 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on MCHP shares. B. Riley reissued a “buy” rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. The Goldman Sachs Group dropped their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Stifel Nicolaus lowered their price target on Microchip Technology from $80.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Finally, Evercore ISI lifted their price objective on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Two 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’s stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $69.32.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is currently owned by company insiders.

Microchip Technology Stock Up 2.3 %

NASDAQ MCHP opened at $39.43 on Tuesday. The stock has a market capitalization of $21.21 billion, a P/E ratio of 70.41 and a beta of 1.51. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $100.57. 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 fifty day moving average of $50.43 and a 200-day moving average of $59.22.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data 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, equities research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

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.