CIBC Asset Management Inc Sells 74,894 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

CIBC Asset Management Inc cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 28.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new position in Microchip Technology during the third quarter valued at approximately $29,000. Financial Life Planners bought a new position in Microchip Technology during the fourth quarter valued at approximately $32,000. Peterson Financial Group Inc. bought a new position in Microchip Technology during the third quarter valued at approximately $34,000. Truvestments Capital LLC bought a new position in Microchip Technology during the third quarter valued at approximately $34,000. Finally, Hobbs Group Advisors LLC boosted its stake in Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 500 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MCHP shares. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. The Goldman Sachs Group lowered their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Mizuho lowered their price objective on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. KeyCorp lowered their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Finally, Susquehanna lowered their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company 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 given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $77.11.

Microchip Technology Trading Up 3.8 %

Shares of NASDAQ:MCHP opened at $57.86 on Wednesday. Microchip Technology Incorporated has a 12-month low of $50.21 and a 12-month high of $100.57. The business’s fifty day simple moving average is $56.66 and its 200-day simple moving average is $68.35. The company has a market capitalization of $31.07 billion, a PE ratio of 103.32 and a beta of 1.50. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (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 12.41%. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.3 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be issued a $0.455 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.15%. Microchip Technology’s dividend payout ratio is presently 325.00%.

About Microchip Technology

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.