CIBC Asset Management Inc Increases Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

CIBC Asset Management Inc raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 63.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 260,683 shares of the semiconductor company’s stock after purchasing an additional 101,453 shares during the quarter. CIBC Asset Management Inc’s holdings in Microchip Technology were worth $20,930,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MCHP. Pinnacle Associates Ltd. grew its stake in shares of Microchip Technology by 50.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after acquiring an additional 35,213 shares during the period. Swedbank AB bought a new position in Microchip Technology in the 1st quarter worth $1,079,000. Aigen Investment Management LP bought a new stake in Microchip Technology during the third quarter valued at about $2,391,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Microchip Technology by 12.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock valued at $69,355,000 after acquiring an additional 93,464 shares in the last quarter. Finally, ICICI Prudential Asset Management Co Ltd boosted its stake in shares of Microchip Technology by 35.1% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 65,023 shares of the semiconductor company’s stock worth $5,221,000 after acquiring an additional 16,906 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

MCHP stock opened at $62.86 on Friday. The firm has a market cap of $33.76 billion, a price-to-earnings ratio of 43.96 and a beta of 1.53. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The business’s fifty day simple moving average is $75.88 and its two-hundred day simple moving average is $84.33. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period last year, the company posted $1.54 earnings per share. Analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.90%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio is presently 127.27%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MCHP shares. Piper Sandler lowered their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Citigroup cut their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Rosenblatt Securities restated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

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.