1,300 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Bought by nVerses Capital LLC

nVerses Capital LLC bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 1,300 shares of the semiconductor company’s stock, valued at approximately $104,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after buying an additional 2,199,290 shares during the last quarter. Clearbridge Investments LLC grew 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 buying an additional 1,962,685 shares during the last quarter. Vanguard Group Inc. grew its stake in Microchip Technology by 2.9% during 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 last quarter. Canada Pension Plan Investment Board grew its stake in Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after buying an additional 1,114,962 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Microchip Technology by 78.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on MCHP shares. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Finally, StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $98.42.

Insider Activity

In other 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 completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $77.34 on Monday. The business has a 50 day simple moving average of $78.29 and a two-hundred day simple moving average of $86.14. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The stock has a market capitalization of $41.49 billion, a P/E ratio of 22.29 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last announced its 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 business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.56 earnings per share. As a group, analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal 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 given a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.35%. Microchip Technology’s dividend payout ratio is 52.16%.

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.