National Bank of Canada FI Has $22.94 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• National Bank of Canada FI increased its stake in Microchip Technology by 42.9%, acquiring an additional 142,171 shares during the first quarter, which totals 473,800 shares valued at approximately $22.9 million.
• Several institutional investors, including Vanguard Group and Goldman Sachs, also boosted their holdings of Microchip Technology, reflecting a strong institutional interest with 91.51% of the company's stock owned by institutional investors.
• Analysts have recently revised their price targets for Microchip Technology, with Piper Sandler setting a target of $80 and Citigroup raising it to $90, indicating a positive outlook for the company's stock.

National Bank of Canada FI grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 42.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 473,800 shares of the semiconductor company's stock after purchasing an additional 142,171 shares during the quarter. National Bank of Canada FI owned about 0.09% of Microchip Technology worth $22,937,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the company. Federated Hermes Inc. raised its position in shares of Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after purchasing an additional 209 shares during the period. Northwest Bank & Trust Co raised its position in shares of Microchip Technology by 3.0% in the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after purchasing an additional 217 shares during the period. Clearstead Trust LLC raised its position in shares of Microchip Technology by 10.5% in the first quarter. Clearstead Trust LLC now owns 2,356 shares of the semiconductor company's stock valued at $114,000 after purchasing an additional 224 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Microchip Technology by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock valued at $2,238,000 after purchasing an additional 230 shares during the period. Finally, Greenleaf Trust raised its position in shares of Microchip Technology by 1.0% in the first quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock valued at $1,207,000 after purchasing an additional 242 shares during the period. Institutional investors own 91.51% of the company's stock.

Microchip Technology Price Performance

Shares of MCHP traded up $3.55 during mid-day trading on Tuesday, reaching $64.50. The company had a trading volume of 12,673,559 shares, compared to its average volume of 9,757,185. The company's 50 day simple moving average is $69.68 and its 200 day simple moving average is $58.16. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $82.87. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.33 and a current ratio of 2.31. The company has a market capitalization of $34.81 billion, a price-to-earnings ratio of -189.71, a P/E/G ratio of 1.79 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.03. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same period last year, the company posted $0.53 EPS. The firm's quarterly revenue was down 13.3% compared to the same quarter last year. Analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, August 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -535.29%.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director directly owned 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.94% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MCHP. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $70.00 to $82.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Wall Street Zen raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a research report on Friday, May 9th. KeyCorp raised their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Raymond James Financial raised their price target on shares of Microchip Technology from $65.00 to $75.00 and gave the stock a "strong-buy" rating in a research report on Friday. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $76.58.

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.