CIBC Asset Management Inc Purchases 101,453 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

CIBC Asset Management Inc increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 63.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 260,683 shares of the semiconductor company's stock after acquiring 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 filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Pathway Financial Advisers LLC purchased a new position in Microchip Technology during the 1st quarter valued at about $39,000. Versant Capital Management Inc raised its holdings in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company's stock valued at $48,000 after acquiring an additional 317 shares in the last quarter. Wolff Wiese Magana LLC lifted its stake in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock worth $49,000 after acquiring an additional 218 shares during the period. TruNorth Capital Management LLC bought a new stake in Microchip Technology in the second quarter valued at $55,000. Finally, Family Firm Inc. purchased a new position in Microchip Technology during the 2nd quarter valued at $62,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company's stock, valued at approximately $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MCHP. JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Friday, August 2nd. Piper Sandler cut their price objective on Microchip Technology from $100.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, November 6th. Truist Financial downgraded Microchip Technology from a "buy" rating to a "hold" rating and reduced their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Needham & Company LLC lowered their target price on Microchip Technology from $96.00 to $85.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Finally, KeyCorp reduced their price target on Microchip Technology from $100.00 to $95.00 and set an "overweight" rating on the stock in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.

Microchip Technology Stock Down 4.2 %

MCHP traded down $2.74 during trading on Friday, hitting $62.86. 9,280,916 shares of the company's stock traded hands, compared to its average volume of 6,008,075. The stock has a market capitalization of $33.76 billion, a price-to-earnings ratio of 43.96 and a beta of 1.53. The company's 50 day simple moving average is $75.65 and its two-hundred day simple moving average is $84.12. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Microchip Technology's revenue was down 48.4% compared to the same quarter last year. During the same period last year, the firm posted $1.54 earnings per share. Analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.455 dividend. The ex-dividend date is Friday, November 22nd. 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. Microchip Technology's dividend payout ratio (DPR) is currently 127.27%.

Microchip Technology Company 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.