WBI Investments LLC Takes $1.11 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

WBI Investments LLC bought a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, Holdings Channel reports. The institutional investor bought 12,260 shares of the semiconductor company’s stock, valued at approximately $1,106,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in shares of Microchip Technology by 0.9% in the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after buying an additional 87,203 shares during the last quarter. Northern Trust Corp lifted its position in shares of Microchip Technology by 1.1% during the 3rd quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after purchasing an additional 80,431 shares during the last quarter. Norges Bank acquired a new position in shares of Microchip Technology during the 4th quarter worth about $672,196,000. Van ECK Associates Corp lifted its position in shares of Microchip Technology by 16.0% during the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after purchasing an additional 714,376 shares during the last quarter. Finally, Mizuho Markets Americas LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth about $225,800,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the topic of several research reports. KeyCorp boosted their price target on Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Susquehanna upped their price objective on Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research note on Tuesday, May 7th. Stifel Nicolaus upped their price objective on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. The Goldman Sachs Group upped their price objective on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Finally, Mizuho upped their price objective on Microchip Technology from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $99.39.

Microchip Technology Trading Down 0.5 %

Shares of MCHP stock traded down $0.49 during trading hours on Thursday, reaching $99.00. The company had a trading volume of 2,412,542 shares, compared to its average volume of 5,510,105. The company has a 50 day moving average of $89.81 and a 200 day moving average of $86.92. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The firm has a market cap of $53.50 billion, a price-to-earnings ratio of 28.67, a P/E/G ratio of 3.34 and a beta of 1.60. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.30.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm’s quarterly revenue was down 40.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.56 EPS. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 2.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be paid a $0.452 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.83%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 52.16%.

Insider Activity

In related news, VP Stephen V. Drehobl sold 7,830 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Stephen V. Drehobl sold 7,830 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders have sold a total of 19,800 shares of company stock valued at $1,818,403 in the last 90 days. 2.07% of the stock is owned by company insiders.

About Microchip Technology

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.