Cibc World Markets Corp Acquires 12,066 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Cibc World Markets Corp increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 14.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,623 shares of the semiconductor company’s stock after acquiring an additional 12,066 shares during the quarter. Cibc World Markets Corp’s holdings in Microchip Technology were worth $5,541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Pallas Capital Advisors LLC bought a new position in shares of Microchip Technology in the 4th quarter worth about $5,917,000. Consolidated Planning Corp bought a new position in shares of Microchip Technology in the 4th quarter worth about $308,000. Quadrature Capital Ltd purchased a new stake in Microchip Technology during the 3rd quarter valued at about $3,312,000. Symphony Financial Ltd. Co. purchased a new stake in Microchip Technology during the 4th quarter valued at about $520,000. Finally, one8zero8 LLC purchased a new stake in Microchip Technology during the 4th quarter valued at about $384,000. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MCHP. Morgan Stanley cut their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. The Goldman Sachs Group cut their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. KeyCorp cut their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Rosenblatt Securities reissued a “buy” rating and set a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 4th. Finally, 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 report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Stock Performance

MCHP opened at $54.57 on Thursday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company has a market cap of $29.35 billion, a price-to-earnings ratio of 97.45 and a beta of 1.52. The company’s 50 day moving average is $56.35 and its 200 day moving average is $65.13. Microchip Technology Incorporated has a 12-month low of $50.21 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its 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 return on equity of 12.62% and a net margin of 6.49%. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by company insiders.

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.