Daiwa Securities Group Inc. Raises Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Daiwa Securities Group Inc. lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 125,536 shares of the semiconductor company’s stock after buying an additional 399 shares during the period. Daiwa Securities Group Inc.’s holdings in Microchip Technology were worth $11,321,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MCHP. Panagora Asset Management Inc. grew its holdings in shares of Microchip Technology by 31.8% in the 1st quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock worth $1,633,000 after acquiring an additional 5,237 shares during the period. Cibc World Market Inc. grew its holdings in shares of Microchip Technology by 292.9% in the 1st quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock worth $3,331,000 after acquiring an additional 33,044 shares during the period. Vontobel Holding Ltd. grew its holdings in Microchip Technology by 4.1% during the 1st quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock valued at $2,259,000 after buying an additional 1,159 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Microchip Technology by 34.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock valued at $335,000 after buying an additional 1,133 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its holdings in Microchip Technology by 1,272.4% during the 1st quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company’s stock valued at $24,550,000 after buying an additional 302,910 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. TD Cowen increased their target price on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. Needham & Company LLC increased their target price on Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Evercore ISI assumed coverage on Microchip Technology in a report on Tuesday. They set an “outperform” rating and a $106.00 target price on the stock. Finally, Truist Financial lowered their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.25.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Trading Down 1.4 %

Shares of MCHP opened at $83.92 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $45.35 billion, a P/E ratio of 19.88, a price-to-earnings-growth ratio of 2.62 and a beta of 1.65. The stock’s fifty day simple moving average is $86.58 and its 200 day simple moving average is $84.24. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.30.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s quarterly revenue was down 18.6% on a year-over-year basis. During the same period last year, the company posted $1.48 EPS. On average, equities research analysts forecast that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a $0.45 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

About Microchip Technology

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.