Unique Wealth Strategies LLC Invests $763,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Unique Wealth Strategies LLC bought a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,461 shares of the semiconductor company's stock, valued at approximately $763,000.

A number of other hedge funds also recently modified their holdings of the business. Northern Trust Corp raised its holdings in Microchip Technology by 1.1% during the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company's stock valued at $587,046,000 after buying an additional 80,431 shares in the last quarter. Van ECK Associates Corp raised its holdings in Microchip Technology by 7.8% during the third quarter. Van ECK Associates Corp now owns 4,462,638 shares of the semiconductor company's stock valued at $348,309,000 after buying an additional 322,540 shares in the last quarter. Mizuho Markets Americas LLC bought a new position in Microchip Technology during the third quarter valued at about $225,800,000. Charles Schwab Investment Management Inc. raised its holdings in Microchip Technology by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,830,397 shares of the semiconductor company's stock valued at $220,913,000 after buying an additional 25,002 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Microchip Technology by 0.5% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company's stock valued at $221,586,000 after buying an additional 11,163 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Price Performance

MCHP traded up $1.39 during midday trading on Friday, reaching $93.60. 5,621,114 shares of the company's stock were exchanged, compared to its average volume of 4,575,927. The firm has a market capitalization of $50.58 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 2.81 and a beta of 1.65. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.63. The business has a 50-day simple moving average of $87.24 and a two-hundred day simple moving average of $84.68.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping analysts' consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company's revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.48 earnings per share. As a group, research analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.92%. This is a boost from Microchip Technology's previous quarterly dividend of $0.44. Microchip Technology's payout ratio is 42.06%.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction that occurred 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 transaction, the director now owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction that occurred 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 transaction, the director now owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 32,893 shares of the company's stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Piper Sandler lowered Microchip Technology from an "overweight" rating to a "neutral" rating and set a $80.00 target price on the stock. in a report on Thursday, January 4th. Needham & Company LLC raised their price target on Microchip Technology from $85.00 to $90.00 and gave the company a "buy" rating in a research report on Friday, February 2nd. Truist Financial lowered their price target on Microchip Technology from $97.00 to $93.00 and set a "buy" rating on the stock in a research report on Tuesday, January 9th. StockNews.com downgraded Microchip Technology from a "buy" rating to a "hold" rating in a research report on Friday, December 29th. Finally, Evercore ISI initiated coverage on Microchip Technology in a research report on Tuesday, April 16th. They issued an "outperform" rating and a $106.00 price target on the stock. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.50.

Microchip Technology 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.