KLP Kapitalforvaltning AS Invests $10.22 Million in Microchip Technology Incorporated (NASDAQ:MCHP)

KLP Kapitalforvaltning AS acquired a new position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 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 made changes to their positions in MCHP. Pallas Capital Advisors LLC bought a new position in shares of Microchip Technology during the fourth quarter valued at $5,917,000. Consolidated Planning Corp purchased a new position in Microchip Technology in the fourth quarter worth about $308,000. Quadrature Capital Ltd purchased a new position in Microchip Technology in the 3rd quarter worth approximately $3,312,000. Symphony Financial Ltd. Co. purchased a new stake in shares of Microchip Technology during the fourth quarter valued at $520,000. Finally, one8zero8 LLC bought a new position in shares of Microchip Technology during the 4th quarter valued at $384,000. Institutional investors own 91.51% of the company's stock.

Microchip Technology Trading Down 2.1 %

Shares of NASDAQ:MCHP traded down $1.09 on Thursday, hitting $51.08. 1,132,011 shares of the company's stock were exchanged, compared to its average volume of 7,027,543. The business's 50 day simple moving average is $55.94 and its two-hundred day simple moving average is $64.26. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a market capitalization of $27.47 billion, a price-to-earnings ratio of 91.22 and a beta of 1.52. Microchip Technology Incorporated has a 12 month low of $49.92 and a 12 month high of $100.57.

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Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is 325.00%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MCHP shares. Raymond James reissued 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. StockNews.com lowered Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Morgan Stanley lowered their price objective on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Stifel Nicolaus cut their price objective on Microchip Technology from $90.00 to $87.00 and set a "buy" rating for the company in a research note on Tuesday, December 3rd. Finally, KeyCorp lowered their price target on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $74.37.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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.