Riverwater Partners LLC Invests $313,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Riverwater Partners LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 5,461 shares of the semiconductor company’s stock, valued at approximately $313,000.

Several other institutional investors have also added to or reduced their stakes in the business. United Bank lifted its stake in shares of Microchip Technology by 21.0% during the 3rd quarter. United Bank now owns 9,871 shares of the semiconductor company’s stock valued at $793,000 after buying an additional 1,712 shares in the last quarter. Benjamin Edwards Inc. raised its holdings in Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after acquiring an additional 9,230 shares during the period. Integrated Wealth Concepts LLC lifted its position in shares of Microchip Technology by 149.0% during the third quarter. Integrated Wealth Concepts LLC now owns 11,638 shares of the semiconductor company’s stock worth $934,000 after acquiring an additional 6,965 shares in the last quarter. IHT Wealth Management LLC boosted its holdings in shares of Microchip Technology by 12.8% in the third quarter. IHT Wealth Management LLC now owns 6,192 shares of the semiconductor company’s stock worth $494,000 after acquiring an additional 702 shares during the period. Finally, Royal London Asset Management Ltd. grew its position in shares of Microchip Technology by 2.6% in the third quarter. Royal London Asset Management Ltd. now owns 211,102 shares of the semiconductor company’s stock valued at $16,949,000 after purchasing an additional 5,363 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MCHP. B. Riley reissued a “buy” rating and set a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Needham & Company LLC increased their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. The Goldman Sachs Group reduced their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Rosenblatt Securities reaffirmed a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Finally, Piper Sandler reissued an “overweight” rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $36.22 on Friday. The company’s fifty day moving average is $54.29 and its 200 day moving average is $62.86. 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 52 week low of $36.10 and a 52 week high of $100.57. The stock has a market cap of $19.48 billion, a PE ratio of 64.68 and a beta of 1.51.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. Research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 5.02%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is 325.00%.

Microchip Technology 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.