Wrapmanager Inc. Buys 215 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Wrapmanager Inc. lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 5,850 shares of the semiconductor company’s stock after purchasing an additional 215 shares during the quarter. Wrapmanager Inc.’s holdings in Microchip Technology were worth $528,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Mizuho Markets Americas LLC bought a new stake in Microchip Technology during the 3rd quarter worth approximately $225,800,000. Truist Financial Corp raised its position in shares of Microchip Technology by 324.0% in the fourth quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after buying an additional 1,386,924 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in Microchip Technology by 122.1% during the third quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock valued at $119,353,000 after buying an additional 840,526 shares during the period. Van ECK Associates Corp grew its position in Microchip Technology by 16.0% during the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after buying an additional 714,376 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its position in Microchip Technology by 173.4% during the third quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after buying an additional 673,924 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Down 0.6 %

Shares of Microchip Technology stock traded down $0.51 on Thursday, hitting $91.48. The stock had a trading volume of 3,904,925 shares, compared to its average volume of 5,617,005. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $96.14. The stock’s 50-day simple moving average is $88.79 and its two-hundred day simple moving average is $85.46. The stock has a market cap of $49.44 billion, a price-to-earnings ratio of 21.37, a PEG ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the company posted $1.56 EPS. The firm’s revenue for the quarter was down 40.6% compared to the same quarter last year. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be given a dividend of $0.452 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a yield of 1.98%. Microchip Technology’s dividend payout ratio is presently 42.06%.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of research analyst reports. Needham & Company LLC lifted their price target on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. Stifel Nicolaus raised their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Truist Financial upped their target price on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Tuesday. Citigroup raised their price target on Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Tuesday, January 30th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $98.47.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.