Charles Schwab Investment Management Inc. Boosts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Charles Schwab Investment Management Inc. raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,881,646 shares of the semiconductor company’s stock after buying an additional 51,249 shares during the period. Charles Schwab Investment Management Inc. owned about 0.53% of Microchip Technology worth $259,867,000 at the end of the most recent reporting period.

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

Insider Activity

In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $91.99 on Thursday. The company has a 50 day simple moving average of $88.45 and a two-hundred day simple moving average of $85.37. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $96.14. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The company has a market capitalization of $49.71 billion, a price-to-earnings ratio of 21.49, a P/E/G ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the company posted $1.56 earnings per share. The business’s revenue for the quarter was down 40.6% on a year-over-year basis. Analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be issued a dividend of $0.452 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.97%. Microchip Technology’s dividend payout ratio is presently 42.06%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MCHP. Truist Financial increased their target price on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday. Evercore ISI began coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target for the company. Stifel Nicolaus increased their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. The Goldman Sachs Group increased their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, TD Cowen increased their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $98.47.

Microchip Technology Company 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.