National Bank of Canada FI Has $19.02 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

National Bank of Canada FI lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 13.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 331,629 shares of the semiconductor company's stock after selling 52,162 shares during the quarter. National Bank of Canada FI owned approximately 0.06% of Microchip Technology worth $19,019,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth $26,000. Rakuten Securities Inc. grew its stake in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in Microchip Technology in the fourth quarter valued at about $29,000. Financial Life Planners acquired a new position in Microchip Technology in the fourth quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology in the fourth quarter valued at about $34,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Up 27.1 %

NASDAQ MCHP traded up $9.56 during trading hours on Wednesday, hitting $44.90. 29,879,450 shares of the company traded hands, compared to its average volume of 7,838,914. The stock has a market capitalization of $24.15 billion, a price-to-earnings ratio of 80.18 and a beta of 1.51. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $100.57. The business's 50-day moving average is $52.68 and its 200-day moving average is $61.56. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

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Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date was Monday, February 24th. Microchip Technology's payout ratio is currently 325.00%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction that occurred 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. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on MCHP shares. Piper Sandler reaffirmed an "overweight" rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Raymond James reaffirmed a "strong-buy" rating and issued a $60.00 target price (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Morgan Stanley decreased their price target on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, February 4th. KeyCorp dropped their price objective on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Friday, February 7th. Finally, Bank of America downgraded Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.37.

Microchip Technology Company 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.