Microchip Technology Incorporated (NASDAQ:MCHP) Position Boosted by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 139.8% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 278,786 shares of the semiconductor company’s stock after acquiring an additional 162,528 shares during the period. Canada Pension Plan Investment Board owned 0.05% of Microchip Technology worth $21,759,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Panagora Asset Management Inc. lifted its position in shares of Microchip Technology by 31.8% during the 1st quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock worth $1,633,000 after purchasing an additional 5,237 shares during the last quarter. Cibc World Market Inc. boosted its position in shares of Microchip Technology by 292.9% in the first quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock valued at $3,331,000 after acquiring an additional 33,044 shares during the period. Vontobel Holding Ltd. grew its stake in shares of Microchip Technology by 4.1% in the first quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock worth $2,259,000 after acquiring an additional 1,159 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Microchip Technology by 34.1% during the first quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock worth $335,000 after acquiring an additional 1,133 shares during the period. Finally, Loomis Sayles & Co. L P increased its position in Microchip Technology by 1,272.4% during the first quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company’s stock worth $24,550,000 after acquiring an additional 302,910 shares during the period. 90.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO James Eric Bjornholt sold 2,324 shares of Microchip Technology stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $83.44, for a total transaction of $193,914.56. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,744,591.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MCHP shares. KeyCorp cut their price target on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, November 3rd. Stifel Nicolaus cut their target price on Microchip Technology from $96.00 to $94.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Tuesday, January 30th. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Thursday, January 18th. Finally, TD Cowen raised their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.33.

Get Our Latest Analysis on Microchip Technology

Microchip Technology Stock Up 1.3 %

NASDAQ:MCHP opened at $85.44 on Monday. The company has a market cap of $46.17 billion, a price-to-earnings ratio of 19.96, a P/E/G ratio of 1.51 and a beta of 1.67. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $94.30. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock’s fifty day moving average price is $87.35 and its two-hundred day moving average price is $82.52.

Microchip Technology (NASDAQ:MCHPGet Free Report) last announced its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the company earned $1.48 earnings per share. The company’s revenue was down 18.6% on a year-over-year basis. On average, analysts anticipate that Microchip Technology Incorporated will post 4.68 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 8th. Shareholders of record on Friday, February 23rd will be paid a $0.45 dividend. The ex-dividend date is Thursday, February 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 2.11%. Microchip Technology’s dividend payout ratio (DPR) is presently 41.12%.

Microchip Technology Company Profile

(Free Report)

Microchip Technology Incorporated develops, manufactures, and sells 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 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.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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