CIBC Private Wealth Group LLC Decreases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

CIBC Private Wealth Group LLC cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 27.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,311,055 shares of the semiconductor company's stock after selling 485,844 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.24% of Microchip Technology worth $73,917,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MCHP. Norges Bank bought a new stake in Microchip Technology during the fourth quarter worth $452,627,000. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after buying an additional 3,912,895 shares during the last quarter. Van ECK Associates Corp grew its position in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after buying an additional 3,131,807 shares during the period. Assenagon Asset Management S.A. increased its holdings in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company's stock worth $163,886,000 after buying an additional 2,829,082 shares during the last quarter. Finally, Madison Investment Advisors LLC bought a new stake in Microchip Technology in the fourth quarter worth about $78,661,000. 91.51% of the stock is owned by institutional investors.

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Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares of the company's stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MCHP. TD Cowen raised their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Bank of America downgraded Microchip Technology from a "neutral" rating to an "underperform" rating and decreased their target price for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Raymond James reaffirmed a "strong-buy" rating and set a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Piper Sandler reiterated an "overweight" rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, StockNews.com cut Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Microchip Technology presently has an average rating of "Moderate Buy" and a consensus target price of $74.37.

Microchip Technology Price Performance

NASDAQ:MCHP traded down $4.49 during mid-day trading on Friday, hitting $36.22. 26,402,713 shares of the stock traded hands, compared to its average volume of 7,606,282. Microchip Technology Incorporated has a 12-month low of $36.10 and a 12-month high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The company has a market cap of $19.48 billion, a PE ratio of 64.68 and a beta of 1.51. The business's 50-day moving average price is $54.29 and its 200 day moving average price is $62.86.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 5.02%. Microchip Technology's payout ratio is currently 325.00%.

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.