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

AIA Group Ltd raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 80.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,910 shares of the semiconductor company’s stock after acquiring an additional 13,326 shares during the period. AIA Group Ltd’s holdings in Microchip Technology were worth $2,697,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MCHP. OFI Invest Asset Management purchased a new position in shares of Microchip Technology in the 3rd quarter worth $26,000. BKM Wealth Management LLC purchased a new position in shares of Microchip Technology in the 4th quarter worth $27,000. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology in the 4th quarter worth $27,000. Fortitude Family Office LLC purchased a new position in shares of Microchip Technology in the 4th quarter worth $29,000. Finally, Almanack Investment Partners LLC. purchased a new position in shares of Microchip Technology in the 3rd quarter worth $29,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Trading Down 1.0 %

Microchip Technology stock traded down $0.86 during trading hours on Thursday, hitting $84.21. The company had a trading volume of 4,948,241 shares, compared to its average volume of 5,489,435. The firm has a market cap of $45.51 billion, a P/E ratio of 19.68, a P/E/G ratio of 2.62 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $94.30. The company has a 50-day moving average price of $86.58 and a two-hundred day moving average price of $84.24.

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

Microchip Technology Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. StockNews.com cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. UBS Group dropped their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday. Piper Sandler cut shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target for the company. in a research note on Thursday, January 4th. Finally, Truist Financial dropped their price target 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. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.50.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction dated 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 owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

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.