KLP Kapitalforvaltning AS Purchases Shares of 178,280 Microchip Technology Incorporated (NASDAQ:MCHP)

KLP Kapitalforvaltning AS purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 178,280 shares of the semiconductor company’s stock, valued at approximately $10,224,000.

A number of other institutional investors and hedge funds have also modified their holdings of MCHP. Pallas Capital Advisors LLC acquired a new position in Microchip Technology during the 4th quarter worth $5,917,000. Consolidated Planning Corp acquired a new position in shares of Microchip Technology during the 4th quarter worth about $308,000. Quadrature Capital Ltd bought a new stake in Microchip Technology during the 3rd quarter valued at approximately $3,312,000. Symphony Financial Ltd. Co. acquired a new stake in Microchip Technology in the 4th quarter valued at approximately $520,000. Finally, one8zero8 LLC bought a new position in Microchip Technology in the 4th quarter worth approximately $384,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Up 4.2 %

Shares of NASDAQ MCHP opened at $53.89 on Tuesday. Microchip Technology Incorporated has a 12-month low of $49.92 and a 12-month high of $100.57. The firm’s 50-day simple moving average is $56.13 and its 200 day simple moving average is $64.49. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The company has a market cap of $28.98 billion, a price-to-earnings ratio of 96.23 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (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, research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.38%. Microchip Technology’s dividend payout ratio (DPR) is currently 325.00%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MCHP shares. TD Cowen raised their price objective on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. KeyCorp decreased their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Raymond James reaffirmed a “strong-buy” rating and set a $60.00 price objective (down previously from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Mizuho lifted their target price on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Finally, Stifel Nicolaus cut their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

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.