Microchip Technology Incorporated (NASDAQ:MCHP) Stake Lowered by CIBC Asset Management Inc

CIBC Asset Management Inc decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 28.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 185,789 shares of the semiconductor company's stock after selling 74,894 shares during the quarter. CIBC Asset Management Inc's holdings in Microchip Technology were worth $10,655,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MCHP. Prospera Private Wealth LLC bought a new position in shares of Microchip Technology during the 3rd quarter valued at approximately $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Financial Life Planners purchased a new stake in Microchip Technology during the 4th quarter valued at $32,000. Finally, Hobbs Group Advisors LLC raised its holdings in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company's stock valued at $50,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MCHP. Evercore ISI reaffirmed an "outperform" rating and set a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Rosenblatt Securities restated a "buy" rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Thursday, February 6th. Jefferies Financial Group reduced their price target on Microchip Technology from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Mizuho dropped their price objective on Microchip Technology from $85.00 to $72.00 and set an "outperform" rating on the stock in a report on Friday, January 10th. Finally, KeyCorp lowered their price target on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Microchip Technology presently has an average rating of "Moderate Buy" and an average target price of $77.11.

Microchip Technology Price Performance

Shares of MCHP traded down $3.23 during mid-day trading on Friday, hitting $61.07. The company's stock had a trading volume of 13,460,788 shares, compared to its average volume of 9,662,867. The firm has a 50-day simple moving average of $56.68 and a 200 day simple moving average of $68.16. The firm has a market capitalization of $32.84 billion, a P/E ratio of 109.05 and a beta of 1.50. Microchip Technology Incorporated has a 1-year low of $50.21 and a 1-year high of $100.57. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be issued a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.98%. Microchip Technology's dividend payout ratio (DPR) is 325.00%.

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.