Burling Wealth Partners LLC Buys Shares of 35,021 Microchip Technology Incorporated (NASDAQ:MCHP)

Burling Wealth Partners LLC acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,021 shares of the semiconductor company's stock, valued at approximately $2,008,000.

Other institutional investors also recently modified their holdings of the company. Federated Hermes Inc. grew its holdings in shares of Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after acquiring an additional 209 shares during the period. Lebenthal Global Advisors LLC increased its stake in shares of Microchip Technology by 7.3% in the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock worth $223,000 after acquiring an additional 266 shares in the last quarter. CreativeOne Wealth LLC lifted its position in Microchip Technology by 1.0% during the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock valued at $1,654,000 after acquiring an additional 283 shares during the period. Elmwood Wealth Management Inc. boosted its stake in Microchip Technology by 1.5% during the fourth quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company's stock worth $1,179,000 after acquiring an additional 300 shares in the last quarter. Finally, Legacy Financial Advisors Inc. grew its holdings in Microchip Technology by 8.1% in the fourth quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company's stock worth $239,000 after purchasing an additional 312 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on MCHP shares. Piper Sandler reissued an "overweight" rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Mizuho upped their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Truist Financial reduced their price objective on shares of Microchip Technology from $56.00 to $43.00 and set a "hold" rating for the company in a research note on Monday, April 21st. Evercore ISI increased their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Finally, Stifel Nicolaus lowered their price objective on Microchip Technology from $80.00 to $60.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and an average price target of $66.79.

Microchip Technology Price Performance

NASDAQ MCHP traded down $0.92 during trading hours on Tuesday, reaching $46.09. The company's stock had a trading volume of 2,838,852 shares, compared to its average volume of 8,209,125. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $24.79 billion, a price-to-earnings ratio of 82.25 and a beta of 1.51. The firm's 50-day moving average price is $49.15 and its 200-day moving average price is $58.07.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.95%. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.10% of the company's stock.

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.