Gibraltar Capital Management Inc. Takes Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Gibraltar Capital Management Inc. acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 8,594 shares of the semiconductor company’s stock, valued at approximately $775,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Certuity LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $367,000. Norden Group LLC purchased a new position in Microchip Technology during the fourth quarter valued at approximately $249,000. Kestra Private Wealth Services LLC raised its stake in Microchip Technology by 32.2% in the fourth quarter. Kestra Private Wealth Services LLC now owns 14,773 shares of the semiconductor company’s stock worth $1,332,000 after buying an additional 3,602 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Microchip Technology by 16.0% during the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after buying an additional 714,376 shares during the period. Finally, Israel Discount Bank of New York bought a new stake in Microchip Technology during the 4th quarter valued at $382,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Performance

Shares of MCHP stock traded down $1.20 during trading hours on Tuesday, hitting $91.98. The company’s stock had a trading volume of 6,026,112 shares, compared to its average volume of 5,571,717. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average of $87.66 and a 200 day moving average of $84.89. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.63. The stock has a market cap of $49.71 billion, a PE ratio of 21.49, a price-to-earnings-growth ratio of 2.86 and a beta of 1.65.

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

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Thursday, February 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio is currently 42.06%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MCHP. Piper Sandler cut 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. Truist Financial reduced their price objective on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, January 9th. Needham & Company LLC lifted their price target on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. TD Cowen increased their price objective on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Finally, UBS Group dropped their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $92.50.

Insider Transactions at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction 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 of the company’s stock, valued at $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Microchip Technology news, 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 value of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

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.