Skandinaviska Enskilda Banken AB publ Trims Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Skandinaviska Enskilda Banken AB publ cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 66.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 107,276 shares of the semiconductor company’s stock after selling 209,826 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Microchip Technology were worth $9,813,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MCHP. Vanguard Group Inc. increased its stake in Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after buying an additional 1,921,497 shares during the period. Principal Financial Group Inc. raised its stake in shares of Microchip Technology by 0.4% during the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after acquiring an additional 33,603 shares in the last quarter. Boston Partners boosted its holdings in shares of Microchip Technology by 10.7% in the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after purchasing an additional 736,818 shares during the period. Van ECK Associates Corp increased its holdings in Microchip Technology by 4.9% during the 2nd quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock worth $582,301,000 after purchasing an additional 295,626 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Microchip Technology by 17.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock valued at $406,182,000 after purchasing an additional 673,992 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Down 2.3 %

MCHP stock opened at $77.01 on Friday. The firm has a market cap of $41.32 billion, a PE ratio of 22.19 and a beta of 1.53. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The firm’s 50 day moving average price is $81.15 and its 200-day moving average price is $87.74.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. The business 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%. The company’s quarterly revenue was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.56 EPS. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.36%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is 52.16%.

Analyst Upgrades and Downgrades

MCHP has been the topic of several research reports. Susquehanna cut their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. TD Cowen decreased their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Bank of America lowered 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. Finally, Needham & Company LLC reduced their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $99.95.

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.