Iams Wealth Management LLC Grows Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Iams Wealth Management LLC boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 39.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 36,423 shares of the semiconductor company's stock after acquiring an additional 10,229 shares during the quarter. Iams Wealth Management LLC's holdings in Microchip Technology were worth $1,763,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in MCHP. Consolidated Planning Corp purchased a new stake in Microchip Technology during the 4th quarter worth approximately $308,000. one8zero8 LLC acquired a new stake in shares of Microchip Technology in the fourth quarter worth approximately $384,000. Truist Financial Corp increased its position in shares of Microchip Technology by 5.8% during the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company's stock worth $55,024,000 after purchasing an additional 52,222 shares in the last quarter. Vanguard Group Inc. raised its stake in Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after purchasing an additional 569,699 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after purchasing an additional 3,013,162 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on MCHP shares. Needham & Company LLC reaffirmed a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. Evercore ISI boosted their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Citigroup upped their price objective on shares of Microchip Technology from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Rosenblatt Securities raised their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Finally, Truist Financial boosted their target price on Microchip Technology from $43.00 to $52.00 and gave the stock a "hold" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $67.68.

Microchip Technology Trading Up 1.6%

Shares of NASDAQ:MCHP traded up $1.02 during midday trading on Friday, reaching $65.39. 5,340,260 shares of the company's stock were exchanged, compared to its average volume of 11,141,436. The firm's 50 day simple moving average is $49.61 and its two-hundred day simple moving average is $54.96. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $96.98. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a market cap of $35.27 billion, a price-to-earnings ratio of 116.74 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business's revenue for the quarter was down 26.8% on a year-over-year basis. During the same period last year, the business earned $0.57 earnings per share. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.78%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Company 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.