RWA Wealth Partners LLC Invests $603,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

RWA Wealth Partners LLC bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,684 shares of the semiconductor company’s stock, valued at approximately $603,000.

Other hedge funds also recently added to or reduced their stakes in the company. Jennison Associates LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $14,944,000. Commerzbank Aktiengesellschaft FI purchased a new stake in Microchip Technology during the 4th quarter worth approximately $242,000. Cetera Trust Company N.A acquired a new position in Microchip Technology during the 4th quarter valued at approximately $2,661,000. Handelsbanken Fonder AB raised its holdings in shares of Microchip Technology by 9.3% in the fourth quarter. Handelsbanken Fonder AB now owns 226,605 shares of the semiconductor company’s stock worth $20,435,000 after buying an additional 19,228 shares during the last quarter. Finally, First Command Advisory Services Inc. acquired a new stake in shares of Microchip Technology during the fourth quarter worth $48,000. 91.51% of the stock is owned by institutional investors and hedge funds.

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 transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly 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 owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MCHP shares. The Goldman Sachs Group reduced their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. UBS Group decreased their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target for the company. in a research report on Thursday, January 4th. Finally, Needham & Company LLC upped their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $92.50.

Microchip Technology Price Performance

MCHP stock opened at $92.21 on Friday. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $94.30. The firm has a market capitalization of $49.83 billion, a P/E ratio of 21.54, a P/E/G ratio of 2.77 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The business’s 50-day moving average is $87.00 and its two-hundred day moving average is $84.55.

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 quarter last year, the company earned $1.48 EPS. Analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business 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 represents a $1.80 dividend on an annualized basis and a dividend yield of 1.95%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

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.