Sunbelt Securities Inc. raised its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 3.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,259 shares of the semiconductor company’s stock after buying an additional 163 shares during the quarter. Sunbelt Securities Inc.’s holdings in Microchip Technology were worth $456,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Advisor Partners LLC increased its holdings in shares of Microchip Technology by 1.4% during the second quarter. Advisor Partners LLC now owns 8,055 shares of the semiconductor company’s stock valued at $698,000 after purchasing an additional 115 shares during the period. Nicolet Bankshares Inc. increased its holdings in shares of Microchip Technology by 1.9% during the second quarter. Nicolet Bankshares Inc. now owns 6,304 shares of the semiconductor company’s stock valued at $547,000 after purchasing an additional 120 shares during the period. CWM Advisors LLC increased its holdings in shares of Microchip Technology by 1.8% during the second quarter. CWM Advisors LLC now owns 7,634 shares of the semiconductor company’s stock valued at $662,000 after purchasing an additional 134 shares during the period. Trust Co. of Vermont increased its holdings in shares of Microchip Technology by 8.5% during the first quarter. Trust Co. of Vermont now owns 1,837 shares of the semiconductor company’s stock valued at $152,000 after purchasing an additional 144 shares during the period. Finally, Wrapmanager Inc. increased its holdings in shares of Microchip Technology by 5.0% during the first quarter. Wrapmanager Inc. now owns 3,126 shares of the semiconductor company’s stock valued at $259,000 after purchasing an additional 150 shares during the period.
A number of brokerages have recently commented on MCHP. BMO Capital Markets lowered their price target on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. ValuEngine lowered Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Mizuho raised their price target on Microchip Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Needham & Company LLC set a $100.00 price target on Microchip Technology and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, B. Riley raised their price target on Microchip Technology from $105.00 to $125.00 and gave the company a “buy” rating in a report on Monday, May 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $101.76.
In related news, VP James Eric Bjornholt sold 2,188 shares of Microchip Technology stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.21% of the company’s stock.
NASDAQ:MCHP traded up $0.38 during mid-day trading on Thursday, reaching $87.29. 306,602 shares of the stock were exchanged, compared to its average volume of 2,368,169. The business’s fifty day moving average price is $90.86. The company has a market cap of $20.78 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.34 and a beta of 1.41. Microchip Technology Inc. has a 1-year low of $60.70 and a 1-year high of $101.35. The company has a quick ratio of 0.63, a current ratio of 0.93 and a debt-to-equity ratio of 1.65.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.16. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 27.79% and a net margin of 6.79%. Microchip Technology’s revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.61 earnings per share. As a group, research analysts expect that Microchip Technology Inc. will post 5.27 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Wednesday, August 21st will be paid a $0.366 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.46 dividend on an annualized basis and a yield of 1.68%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio (DPR) is currently 24.01%.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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