Pensioenfonds Rail & OV Sells 1,454 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Pensioenfonds Rail & OV reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 509,125 shares of the semiconductor company’s stock after selling 1,454 shares during the period. Microchip Technology makes up about 3.5% of Pensioenfonds Rail & OV’s investment portfolio, making the stock its 5th largest position. Pensioenfonds Rail & OV’s holdings in Microchip Technology were worth $46,585,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Clearbridge Investments LLC raised 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 valued at $177,002,000 after purchasing an additional 1,962,685 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of 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 purchasing an additional 1,921,497 shares during the period. Canada Pension Plan Investment Board raised its position in shares of 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 valued at $123,540,000 after buying an additional 1,114,962 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Microchip Technology by 78.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after buying an additional 961,801 shares during the period. Finally, Van ECK Associates Corp grew its position 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. 91.51% of the stock is owned by institutional investors.

Microchip Technology Trading Down 3.5 %

Shares of NASDAQ MCHP opened at $77.49 on Wednesday. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a 50-day moving average of $79.31 and a two-hundred day moving average of $87.16. The company has a market cap of $41.57 billion, a PE ratio of 22.33 and a beta of 1.53. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (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 the consensus estimate 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 for the quarter was down 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.56 EPS. As a group, equities analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.34%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Analyst Ratings Changes

Several equities analysts have commented on the company. Susquehanna cut 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. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $90.00 to $100.00 in a research report on Friday, August 16th. JPMorgan Chase & Co. dropped their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC decreased their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $99.47.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The sale 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 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.