Broadway Wealth Solutions Inc. Takes $364,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Broadway Wealth Solutions Inc. acquired a new position in Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 6,347 shares of the semiconductor company’s stock, valued at approximately $364,000.

Several other large investors have also recently bought and sold shares of MCHP. Mainstream Capital Management LLC bought a new position in Microchip Technology during the fourth quarter valued at about $26,000. Rakuten Securities Inc. boosted its stake in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new position in Microchip Technology in the 4th quarter worth approximately $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology during the fourth quarter worth approximately $32,000. Finally, Truvestments Capital LLC acquired a new position in Microchip Technology in the third quarter valued at about $34,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is owned by insiders.

Microchip Technology Stock Down 2.6 %

Shares of NASDAQ MCHP opened at $50.79 on Friday. The firm’s 50-day simple moving average is $55.83 and its 200 day simple moving average is $64.16. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12-month low of $49.92 and a 12-month high of $100.57. The company has a market cap of $27.32 billion, a price-to-earnings ratio of 90.70 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.58%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Analyst Upgrades and Downgrades

MCHP has been the subject of several recent research reports. KeyCorp reduced their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Stifel Nicolaus lowered their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Needham & Company LLC raised their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Mizuho upped their target price on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Company Profile

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.