Norges Bank Invests $452.63 Million in Microchip Technology Incorporated (NASDAQ:MCHP)

Norges Bank purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 7,892,368 shares of the semiconductor company's stock, valued at approximately $452,627,000. Norges Bank owned 1.47% of Microchip Technology as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MCHP. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology in the 4th quarter worth $26,000. Rakuten Securities Inc. lifted its stake in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management acquired a new position in shares of Microchip Technology during the fourth quarter valued at about $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology during the fourth quarter worth about $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Microchip Technology in the 4th quarter worth about $34,000. Institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MCHP. Mizuho upped their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Stifel Nicolaus reduced their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a "buy" rating for the company in a research report on Tuesday, December 3rd. KeyCorp dropped their target price on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Friday, February 7th. The Goldman Sachs Group cut their price objective on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research report on Friday, January 10th. Finally, Evercore ISI lifted their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $74.37.

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Microchip Technology Trading Up 0.8 %

MCHP traded up $0.37 on Wednesday, hitting $48.87. 1,780,833 shares of the company were exchanged, compared to its average volume of 9,980,378. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The firm has a fifty day simple moving average of $55.26 and a two-hundred day simple moving average of $63.40. The stock has a market capitalization of $26.28 billion, a PE ratio of 87.26 and a beta of 1.52. Microchip Technology Incorporated has a 12 month low of $47.21 and a 12 month high of $100.57.

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 (EPS) for the quarter, missing the consensus estimate 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 expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

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. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.72%. Microchip Technology's dividend payout ratio is presently 325.00%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is currently owned by corporate insiders.

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.