Ensign Peak Advisors Inc Acquires 38,785 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Ensign Peak Advisors Inc grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 23.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 206,516 shares of the semiconductor company’s stock after purchasing an additional 38,785 shares during the period. Ensign Peak Advisors Inc’s holdings in Microchip Technology were worth $18,896,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in MCHP. Clearbridge Investments LLC increased its stake in Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after acquiring an additional 1,962,685 shares during the period. Vanguard Group Inc. increased its position in shares of Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the period. Canada Pension Plan Investment Board lifted its position in Microchip Technology by 425.3% during the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after purchasing an additional 1,114,962 shares during the period. Van ECK Associates Corp grew its stake in Microchip Technology by 17.2% during the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock worth $544,388,000 after buying an additional 891,297 shares in the last quarter. Finally, Boston Partners increased its holdings in Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after buying an additional 736,818 shares during the period. 91.51% of the stock is owned by institutional investors.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $77.06 on Tuesday. The firm has a market cap of $41.34 billion, a PE ratio of 22.21 and a beta of 1.53. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The firm’s fifty day moving average is $80.85 and its 200-day moving average is $87.63. 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 (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates 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%. The business’s revenue was down 45.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.56 EPS. Sell-side analysts predict that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

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

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.07% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $90.00 to $100.00 in a report on Friday, August 16th. JPMorgan Chase & Co. reduced their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Susquehanna reduced their price objective 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. Finally, Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $99.47.

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.