AIA Group Ltd Purchases 13,326 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

AIA Group Ltd lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 80.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,910 shares of the semiconductor company’s stock after purchasing an additional 13,326 shares during the period. AIA Group Ltd’s holdings in Microchip Technology were worth $2,697,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MCHP. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $26,000. BKM Wealth Management LLC purchased a new position in Microchip Technology in the 4th quarter valued at approximately $27,000. Rakuten Securities Inc. purchased a new position in Microchip Technology in the 4th quarter valued at approximately $27,000. Fortitude Family Office LLC purchased a new position in Microchip Technology in the 4th quarter valued at approximately $29,000. Finally, Almanack Investment Partners LLC. purchased a new position in Microchip Technology in the 3rd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were 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 directly owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were 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 directly owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of Microchip Technology from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday. Truist Financial reduced their price objective on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, January 9th. Evercore ISI assumed coverage on shares of Microchip Technology in a research note on Tuesday. They issued an “outperform” rating and a $106.00 price objective for the company. StockNews.com lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. Finally, TD Cowen raised their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $92.50.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $0.86 during mid-day trading on Thursday, reaching $84.21. 4,948,241 shares of the company were exchanged, compared to its average volume of 5,489,435. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $45.51 billion, a PE ratio of 19.68, a PEG ratio of 2.62 and a beta of 1.65. The company’s 50 day moving average price is $86.58 and its 200 day moving average price is $84.24.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the firm posted $1.48 EPS. The firm’s revenue was down 18.6% compared to the same quarter last year. Sell-side analysts forecast that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a yield of 2.14%. Microchip Technology’s payout ratio is currently 42.06%.

Microchip Technology Company Profile

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.