Unique Wealth Strategies LLC Buys New Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Unique Wealth Strategies LLC bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,461 shares of the semiconductor company’s stock, valued at approximately $763,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Horizon Bancorp Inc. IN acquired a new position in Microchip Technology during the fourth quarter valued at $110,000. Rockline Wealth Management LLC purchased a new position in Microchip Technology in the fourth quarter valued at $4,449,000. 17 Capital Partners LLC purchased a new position in Microchip Technology in the fourth quarter valued at $1,827,000. AIA Group Ltd increased its holdings in Microchip Technology by 80.4% in the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock valued at $2,697,000 after buying an additional 13,326 shares in the last quarter. Finally, GAM Holding AG increased its holdings in Microchip Technology by 13.9% in the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock valued at $13,128,000 after buying an additional 17,776 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

MCHP traded up $1.39 on Friday, reaching $93.60. 5,621,114 shares of the company’s stock were exchanged, compared to its average volume of 4,575,927. The stock has a market cap of $50.58 billion, a PE ratio of 21.87, a P/E/G ratio of 2.81 and a beta of 1.65. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.63. The stock’s fifty day moving average price is $87.24 and its 200-day moving average price is $84.65. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

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

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.92%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s payout ratio is presently 42.06%.

Insider Buying and Selling at Microchip Technology

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 shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on MCHP shares. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Piper Sandler cut shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Thursday, January 4th. Truist Financial cut their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, January 9th. Evercore ISI assumed coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price for the company. Finally, Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $92.50.

Microchip Technology Profile

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.