CIBC Asset Management Inc Trims Position in Microchip Technology Incorporated (NASDAQ:MCHP)

CIBC Asset Management Inc cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 28.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 185,789 shares of the semiconductor company’s stock after selling 74,894 shares during the period. CIBC Asset Management Inc’s holdings in Microchip Technology were worth $10,655,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in MCHP. Van ECK Associates Corp increased its stake in shares of 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 stake in shares of 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 valued at $163,886,000 after buying an additional 2,829,082 shares during the period. Franklin Resources Inc. increased its stake in shares of Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after buying an additional 776,408 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Microchip Technology by 20.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock valued at $220,957,000 after buying an additional 460,697 shares during the period. Finally, DF Dent & Co. Inc. purchased a new position in shares of Microchip Technology during the third quarter valued at approximately $27,744,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 3.8 %

Shares of NASDAQ:MCHP opened at $57.86 on Wednesday. The company has a market cap of $31.07 billion, a P/E ratio of 103.32 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a 1 year low of $50.21 and a 1 year high of $100.57. The stock’s fifty day moving average price is $56.66 and its 200-day moving average price is $68.35.

Microchip Technology (NASDAQ:MCHP) last released its earnings results 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 12.41% and a net margin of 6.49%. Sell-side analysts expect that Microchip Technology Incorporated will post 1.3 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Wall Street Analyst Weigh In

MCHP has been the topic of several recent research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Raymond James reaffirmed a “strong-buy” rating and issued a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Citigroup reduced their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. B. Riley reaffirmed a “buy” rating and issued a $75.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, TD Cowen reduced their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Two equities 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

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.