Oakworth Capital Inc. purchased a new position in shares of Microchip Technology Inc. (NASDAQ:MCHP) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 472 shares of the semiconductor company’s stock, valued at approximately $40,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in MCHP. Frontier Capital Management Co. LLC bought a new position in Microchip Technology in the 1st quarter valued at $79,283,000. TimesSquare Capital Management LLC acquired a new position in shares of Microchip Technology in the 1st quarter valued at $44,915,000. Westfield Capital Management Co. LP lifted its stake in shares of Microchip Technology by 693.4% in the 1st quarter. Westfield Capital Management Co. LP now owns 444,716 shares of the semiconductor company’s stock valued at $36,894,000 after purchasing an additional 388,661 shares during the period. Duality Advisers LP acquired a new position in shares of Microchip Technology in the 1st quarter valued at $23,727,000. Finally, First Trust Advisors LP lifted its stake in shares of Microchip Technology by 30.2% in the 1st quarter. First Trust Advisors LP now owns 1,129,588 shares of the semiconductor company’s stock valued at $93,711,000 after purchasing an additional 261,717 shares during the period.
MCHP has been the topic of a number of analyst reports. Wells Fargo & Co increased their price target on Microchip Technology from $105.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. They noted that the move was a valuation call. Mizuho increased their price target on Microchip Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. BMO Capital Markets cut their price target on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Zacks Investment Research downgraded Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 price objective on the stock. in a research note on Thursday, July 25th. Finally, Longbow Research assumed coverage on Microchip Technology in a research note on Tuesday, July 9th. They set a “neutral” rating and a $87.93 price objective on the stock. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. Microchip Technology has an average rating of “Hold” and an average price target of $101.76.
Microchip Technology stock traded down $0.52 during mid-day trading on Tuesday, hitting $89.53. 16,323 shares of the company’s stock were exchanged, compared to its average volume of 2,451,691. The company’s 50 day simple moving average is $90.98 and its 200-day simple moving average is $88.68. The firm has a market capitalization of $21.44 billion, a P/E ratio of 14.72, a PEG ratio of 1.35 and a beta of 1.41. 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 Inc. has a fifty-two week low of $60.70 and a fifty-two week high of $101.35.
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 the Zacks’ consensus estimate of $1.25 by $0.16. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 27.79% and a net margin of 6.79%. The company’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.61 EPS. Research analysts expect that Microchip Technology Inc. will post 5.27 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st will be issued a dividend of $0.366 per share. This represents a $1.46 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Tuesday, August 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio is 24.01%.
In other Microchip Technology news, VP James Eric Bjornholt sold 2,188 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total transaction of $177,206.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.21% of the stock is currently owned by corporate insiders.
Microchip Technology 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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