Cwm LLC Grows Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Cwm LLC lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 20.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,724 shares of the semiconductor company’s stock after purchasing an additional 4,034 shares during the quarter. Cwm LLC’s holdings in Microchip Technology were worth $2,128,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Microchip Technology by 0.9% in the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after purchasing an additional 87,203 shares during the last quarter. Northern Trust Corp raised its stake in shares of Microchip Technology by 1.1% in the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after purchasing an additional 80,431 shares during the last quarter. Norges Bank purchased a new position in shares of Microchip Technology in the fourth quarter worth about $672,196,000. Van ECK Associates Corp raised its stake in shares of Microchip Technology by 16.0% in the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after purchasing an additional 714,376 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Microchip Technology by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,881,646 shares of the semiconductor company’s stock worth $259,867,000 after purchasing an additional 51,249 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now owns 79,509 shares in the company, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock valued at $2,251,857 over the last ninety days. Insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on MCHP shares. UBS Group raised their target price on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. The Goldman Sachs Group raised their target price on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Evercore ISI started coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price on the stock. Piper Sandler reaffirmed a “neutral” rating and set a $90.00 target price (up from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Finally, KeyCorp raised their target price on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $93.45 on Thursday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The business’s 50 day moving average price is $92.37 and its 200-day moving average price is $88.91. The firm has a market capitalization of $50.17 billion, a PE ratio of 26.93 and a beta of 1.55. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business’s revenue was down 40.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.56 earnings per share. As a group, equities research analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were paid a $0.452 dividend. The ex-dividend date was Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.93%. Microchip Technology’s payout ratio is currently 52.16%.

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.