Assetmark Inc. Raises Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Posted by Defense World Staff on Aug 8th, 2023

Assetmark Inc. boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,065 shares of the semiconductor company’s stock after acquiring an additional 922 shares during the period. Assetmark Inc.’s holdings in Microchip Technology were worth $3,189,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of MCHP. Norges Bank bought a new stake in Microchip Technology during the fourth quarter valued at approximately $412,120,000. Mizuho Markets Cayman LP bought a new stake in Microchip Technology during the first quarter valued at approximately $300,695,000. Mizuho Markets Americas LLC lifted its position in Microchip Technology by 82.2% during the first quarter. Mizuho Markets Americas LLC now owns 3,924,140 shares of the semiconductor company’s stock valued at $128,101,000 after purchasing an additional 1,770,854 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in Microchip Technology by 104.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,415,688 shares of the semiconductor company’s stock valued at $239,952,000 after purchasing an additional 1,742,436 shares during the last quarter. Finally, Prudential Financial Inc. lifted its position in Microchip Technology by 98.5% during the first quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock valued at $154,518,000 after purchasing an additional 1,020,624 shares during the last quarter. 91.54% of the stock is currently owned by institutional investors.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,470 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $78.32, for a total value of $193,450.40. Following the transaction, the chief financial officer now owns 32,004 shares in the company, valued at approximately $2,506,553.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 1.6 %

NASDAQ:MCHP opened at $84.81 on Tuesday. The firm’s 50-day moving average price is $86.11 and its 200-day moving average price is $81.74. The company has a market capitalization of $46.16 billion, a PE ratio of 19.63, a P/E/G ratio of 1.62 and a beta of 1.60. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.02 and a quick ratio of 0.60. Microchip Technology Incorporated has a 1-year low of $54.77 and a 1-year high of $94.30.

Microchip Technology (NASDAQ:MCHP – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.64 EPS for the quarter, meeting the consensus estimate of $1.64. Microchip Technology had a net margin of 27.35% and a return on equity of 51.51%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the firm posted $1.30 EPS. Microchip Technology’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, equities analysts predict that Microchip Technology Incorporated will post 5.97 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Tuesday, August 22nd will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, August 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.38. Microchip Technology’s dividend payout ratio is 35.42%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MCHP shares. Wolfe Research started coverage on shares of Microchip Technology in a research report on Wednesday, July 19th. They set a “market perform” rating for the company. Morgan Stanley boosted their price objective on shares of Microchip Technology from $97.00 to $101.00 and gave the stock an “overweight” rating in a report on Friday. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Monday. Mizuho lowered their price target on shares of Microchip Technology from $89.00 to $86.00 and set a “neutral” rating for the company in a report on Friday. Finally, Wells Fargo & Company upped their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $98.18.

Read Our Latest Research Report on MCHP

Microchip Technology Profile

(Free Report)

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.