CIBC Private Wealth Group LLC Sells 485,844 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

CIBC Private Wealth Group LLC trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 27.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,311,055 shares of the semiconductor company’s stock after selling 485,844 shares during the period. CIBC Private Wealth Group LLC’s holdings in Microchip Technology were worth $73,917,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Pallas Capital Advisors LLC acquired a new position in Microchip Technology during the 4th quarter worth approximately $5,917,000. Consolidated Planning Corp bought a new stake in shares of Microchip Technology in the fourth quarter worth $308,000. Quadrature Capital Ltd acquired a new position in Microchip Technology during the third quarter worth $3,312,000. Symphony Financial Ltd. Co. bought a new position in Microchip Technology in the fourth quarter valued at $520,000. Finally, one8zero8 LLC acquired a new stake in Microchip Technology in the 4th quarter valued at $384,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $48.70 on Monday. Microchip Technology Incorporated has a 52 week low of $48.27 and a 52 week high of $100.57. 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 firm’s 50-day simple moving average is $55.65 and its 200 day simple moving average is $63.80. The firm has a market cap of $26.19 billion, a price-to-earnings ratio of 86.96 and a beta of 1.52.

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 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%. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is currently 325.00%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MCHP shares. KeyCorp decreased their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. TD Cowen boosted their price target on Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Piper Sandler reissued an “overweight” rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Finally, Morgan Stanley cut their price target on shares of 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’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 of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.10% of the stock is owned by insiders.

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.