SVB Wealth LLC Takes $6.45 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

SVB Wealth LLC bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 112,480 shares of the semiconductor company’s stock, valued at approximately $6,451,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pallas Capital Advisors LLC purchased a new stake in Microchip Technology in the 4th quarter worth approximately $5,917,000. Consolidated Planning Corp purchased a new stake in Microchip Technology in the 4th quarter worth approximately $308,000. Quadrature Capital Ltd purchased a new stake in Microchip Technology in the 3rd quarter worth approximately $3,312,000. Symphony Financial Ltd. Co. purchased a new stake in Microchip Technology in the 4th quarter worth approximately $520,000. Finally, Benjamin Edwards Inc. increased its holdings in Microchip Technology by 5,185.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after acquiring an additional 9,230 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Up 3.0 %

NASDAQ MCHP opened at $58.86 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company has a market capitalization of $31.66 billion, a P/E ratio of 105.11 and a beta of 1.50. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57. The stock has a 50 day moving average price of $56.94 and a 200-day moving average price of $67.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, equities analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be given a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.09%. Microchip Technology’s dividend payout ratio is presently 325.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MCHP has been the subject of several analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Thursday, February 6th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Raymond James restated a “strong-buy” rating and issued a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Citigroup dropped their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.11.

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.