Cibc World Markets Corp Buys 12,066 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Cibc World Markets Corp boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 14.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 96,623 shares of the semiconductor company’s stock after acquiring an additional 12,066 shares during the period. Cibc World Markets Corp’s holdings in Microchip Technology were worth $5,541,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new stake in Microchip Technology in the third quarter worth about $29,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the third quarter valued at approximately $34,000. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. raised its position in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares during the period. Finally, OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $29,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 0.7 %

NASDAQ:MCHP opened at $54.57 on Thursday. The company has a fifty day moving average of $56.35 and a 200 day moving average of $65.13. Microchip Technology Incorporated has a 52 week low of $50.21 and a 52 week high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $29.35 billion, a P/E ratio of 97.45 and a beta of 1.52.

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

Microchip Technology Dividend Announcement

The business 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. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.34%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MCHP shares. Needham & Company LLC boosted their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Piper Sandler reissued an “overweight” rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Evercore ISI boosted their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology 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.