Waterfront Wealth Inc. Has $1.09 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Waterfront Wealth Inc. raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 12,081 shares of the semiconductor company’s stock after purchasing an additional 203 shares during the period. Waterfront Wealth Inc.’s holdings in Microchip Technology were worth $1,089,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Microchip Technology by 0.7% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 68,230 shares of the semiconductor company’s stock valued at $6,153,000 after purchasing an additional 500 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Microchip Technology by 0.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 125,536 shares of the semiconductor company’s stock valued at $11,321,000 after purchasing an additional 399 shares during the last quarter. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology in the 4th quarter worth approximately $27,000. Carl P. Sherr & Co. LLC boosted its stake in shares of Microchip Technology by 1.4% in the 4th quarter. Carl P. Sherr & Co. LLC now owns 11,570 shares of the semiconductor company’s stock worth $1,043,000 after buying an additional 165 shares during the last quarter. Finally, United Asset Strategies Inc. boosted its stake in shares of Microchip Technology by 9.7% in the 4th quarter. United Asset Strategies Inc. now owns 8,965 shares of the semiconductor company’s stock worth $809,000 after buying an additional 789 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded down $0.86 during trading on Wednesday, hitting $85.07. The stock had a trading volume of 4,820,388 shares, compared to its average volume of 5,533,114. The firm has a market cap of $45.97 billion, a price-to-earnings ratio of 19.88, a P/E/G ratio of 2.62 and a beta of 1.65. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $94.30. The business’s 50-day moving average is $86.58 and its 200 day moving average is $84.24. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP) last released 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 firm had revenue of $1.77 billion for 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 business’s quarterly revenue was down 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.48 earnings per share. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a $0.45 dividend. 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. This represents a $1.80 annualized dividend and a yield of 2.12%. Microchip Technology’s payout ratio is 42.06%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MCHP shares. Needham & Company LLC boosted their target price on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. StockNews.com cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday, December 29th. The Goldman Sachs Group lowered their price target on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Evercore ISI assumed coverage on shares of Microchip Technology in a report on Tuesday. They issued an “outperform” rating and a $106.00 price target on the stock. Finally, UBS Group lowered their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.25.

About Microchip Technology

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.