Elo Mutual Pension Insurance Co Boosts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Elo Mutual Pension Insurance Co increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,685 shares of the semiconductor company’s stock after purchasing an additional 249 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Microchip Technology were worth $4,546,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MCHP. Rise Advisors LLC purchased a new stake in Microchip Technology during the 1st quarter worth about $28,000. Pineridge Advisors LLC purchased a new stake in Microchip Technology during the 4th quarter worth about $33,000. Steph & Co. grew its holdings in Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the period. Pathway Financial Advisers LLC purchased a new stake in Microchip Technology in the 1st quarter valued at about $39,000. Finally, Richardson Capital Management LLC purchased a new stake in Microchip Technology in the 1st quarter valued at about $45,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.07% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on MCHP shares. JPMorgan Chase & Co. lowered their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Susquehanna lowered their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a report on Friday, August 2nd. TD Cowen lowered their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Citigroup lowered their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Needham & Company LLC lowered their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

Microchip Technology Stock Performance

Microchip Technology stock opened at $76.36 on Thursday. The stock’s 50 day moving average price is $81.73 and its 200 day moving average price is $87.86. The firm has a market capitalization of $40.97 billion, a PE ratio of 22.01 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.56 EPS. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.38%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is presently 52.16%.

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.