Ilmarinen Mutual Pension Insurance Co Makes New $6.88 Million Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Ilmarinen Mutual Pension Insurance Co acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, HoldingsChannel reports. The firm acquired 120,000 shares of the semiconductor company’s stock, valued at approximately $6,882,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. raised its holdings in shares of Microchip Technology by 2.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock worth $878,000 after buying an additional 260 shares in the last quarter. EP Wealth Advisors LLC raised its stake in Microchip Technology by 1.8% during the third quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock worth $1,182,000 after acquiring an additional 264 shares in the last quarter. Lebenthal Global Advisors LLC lifted its holdings in shares of Microchip Technology by 7.3% in the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock worth $223,000 after acquiring an additional 266 shares during the last quarter. Elmwood Wealth Management Inc. boosted its stake in shares of Microchip Technology by 1.5% in the 4th quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company’s stock valued at $1,179,000 after purchasing an additional 300 shares in the last quarter. Finally, Perennial Investment Advisors LLC grew its holdings in shares of Microchip Technology by 6.5% during the 4th quarter. Perennial Investment Advisors LLC now owns 5,231 shares of the semiconductor company’s stock valued at $300,000 after purchasing an additional 317 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $36.22 on Friday. Microchip Technology Incorporated has a 1-year low of $36.10 and a 1-year high of $100.57. The firm has a market capitalization of $19.48 billion, a P/E ratio of 64.68 and a beta of 1.51. The firm’s 50-day moving average price is $54.29 and its 200-day moving average price is $62.76. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’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 value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. TD Cowen raised their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. Evercore ISI boosted their price objective on Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. B. Riley reissued a “buy” rating and set a $75.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $80.00 to $65.00 in a report on Monday, December 16th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology has an average 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.