OVERSEA CHINESE BANKING Corp Ltd Grows Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Microchip Technology by 52.2% in Q1, owning a total of 11,692 shares valued at approximately $579,000.
• Analysts are optimistic about Microchip Technology, with several reports indicating a range of price targets, including a notable raise by TD Cowen from $35 to $55.
• Microchip Technology announced a quarterly dividend of $0.455 per share, reflecting a yield of 2.7%, despite reporting a decrease in revenue year-over-year.

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 52.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,692 shares of the semiconductor company's stock after purchasing an additional 4,010 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Microchip Technology were worth $579,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Federated Hermes Inc. increased its holdings 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 increased its position in Microchip Technology by 3.0% during the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock worth $424,000 after purchasing an additional 217 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Microchip Technology by 0.5% during 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. Greenleaf Trust increased its stake 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 worth $1,207,000 after buying an additional 242 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC increased its holdings in shares of Microchip Technology by 3.4% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock valued at $405,000 after acquiring an additional 276 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MCHP. Wall Street Zen upgraded Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. B. Riley raised their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Cantor Fitzgerald initiated coverage on Microchip Technology in a research note on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price objective for the company. Raymond James Financial boosted their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Finally, Stifel Nicolaus boosted their price objective on Microchip Technology from $70.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.42.

Insider Activity at Microchip Technology

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

Microchip Technology Trading Down 1.4%

Shares of Microchip Technology stock traded down $0.96 during midday trading on Wednesday, reaching $66.17. The company had a trading volume of 6,361,377 shares, compared to its average volume of 8,468,882. The firm has a market cap of $35.71 billion, a PE ratio of -6,617.00, a P/E/G ratio of 1.94 and a beta of 1.55. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The stock has a fifty day moving average price of $69.22 and a 200 day moving average price of $57.96. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $82.87.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company's revenue was down 26.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 earnings per share. On average, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.8%. Microchip Technology's payout ratio is presently -18,200.00%.

About Microchip Technology

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.