Perigon Wealth Management LLC Purchases 251 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Perigon Wealth Management LLC increased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 5,879 shares of the semiconductor company’s stock after buying an additional 251 shares during the period. Perigon Wealth Management LLC’s holdings in Microchip Technology were worth $530,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank bought a new stake in Microchip Technology during the fourth quarter worth approximately $412,120,000. Mizuho Markets Americas LLC purchased a new position in shares of Microchip Technology during the 3rd quarter worth about $225,800,000. Prudential Financial Inc. grew its holdings in Microchip Technology by 98.5% during the 1st 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. Qube Research & Technologies Ltd lifted its stake in Microchip Technology by 122.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after purchasing an additional 840,526 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its position in shares of Microchip Technology by 173.4% during the third quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock valued at $82,937,000 after buying an additional 673,924 shares during the period. 91.51% of the stock is owned by institutional investors.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $85.70 on Tuesday. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30. The business’s 50 day moving average price is $86.49 and its 200 day moving average price is $84.18. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The firm has a market cap of $46.31 billion, a P/E ratio of 20.02, a P/E/G ratio of 2.61 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.48 earnings per share. On average, sell-side analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a dividend of $0.45 per share. The ex-dividend date was Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 2.10%. Microchip Technology’s dividend payout ratio is 42.06%.

Analyst Ratings Changes

A number of analysts have weighed in on MCHP shares. Stifel Nicolaus reiterated a “buy” rating and issued a $94.00 target price on shares of Microchip Technology in a research note on Thursday, March 14th. Needham & Company LLC increased their price objective on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. UBS Group dropped their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Piper Sandler lowered shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research note on Thursday, January 4th. Finally, Truist Financial reduced their price target on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.33.

Insider Activity at Microchip Technology

In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were 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 directly owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

Microchip Technology Company 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.