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

Ilmarinen Mutual Pension Insurance Co bought a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 120,000 shares of the semiconductor company’s stock, valued at approximately $6,882,000.

Several other institutional investors also recently modified their holdings of the business. Mainstream Capital Management LLC acquired a new stake in Microchip Technology during the 4th quarter worth $26,000. Rakuten Securities Inc. grew its stake in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in Microchip Technology in the fourth quarter valued at about $29,000. Financial Life Planners bought a new position in Microchip Technology during the fourth quarter worth about $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on MCHP shares. Piper Sandler reiterated an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Morgan Stanley decreased their target price on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Needham & Company LLC lifted their price objective on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Evercore ISI increased their target price on Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Finally, StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $74.37.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

Microchip Technology Trading Down 11.0 %

MCHP stock opened at $36.22 on Friday. Microchip Technology Incorporated has a one year low of $36.10 and a one year high of $100.57. The stock has a market cap of $19.48 billion, a price-to-earnings ratio of 64.68 and a beta of 1.51. The company has a fifty day moving average price of $54.29 and a two-hundred day moving average price of $62.76. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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 analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

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

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.