Legacy Capital Partners Inc. decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,065 shares of the semiconductor company’s stock after selling 200 shares during the period. Microchip Technology comprises about 1.6% of Legacy Capital Partners Inc.’s portfolio, making the stock its 23rd largest position. Legacy Capital Partners Inc.’s holdings in Microchip Technology were worth $2,883,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Huntington National Bank raised its position in Microchip Technology by 168.9% in the third quarter. Huntington National Bank now owns 6,479 shares of the semiconductor company’s stock valued at $403,000 after buying an additional 4,070 shares during the last quarter. LMR Partners LLP raised its position in Microchip Technology by 27.3% in the third quarter. LMR Partners LLP now owns 22,964 shares of the semiconductor company’s stock valued at $1,427,000 after buying an additional 4,924 shares during the last quarter. San Francisco Sentry Investment Group CA purchased a new position in Microchip Technology during the third quarter valued at approximately $207,000. Columbia Asset Management raised its position in Microchip Technology by 1.7% in the third quarter. Columbia Asset Management now owns 7,763 shares of the semiconductor company’s stock valued at $482,000 after buying an additional 130 shares during the last quarter. Finally, Hanseatic Management Services Inc. purchased a new position in Microchip Technology during the third quarter valued at approximately $3,544,000. 98.66% of the stock is owned by institutional investors.
Microchip Technology Incorporated (NASDAQ MCHP) traded down 0.42% during mid-day trading on Friday, hitting $81.23. The company had a trading volume of 4,066,842 shares. Microchip Technology Incorporated has a 52-week low of $47.81 and a 52-week high of $87.49. The company has a market capitalization of $18.63 billion, a P/E ratio of 115.22 and a beta of 1.05. The company has a 50-day moving average price of $80.58 and a 200 day moving average price of $72.56.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, May 9th. The semiconductor company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.10. The firm had revenue of $902.70 million for the quarter, compared to the consensus estimate of $891.14 million. Microchip Technology had a return on equity of 31.64% and a net margin of 4.83%. The firm’s quarterly revenue was up 61.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 EPS. On average, analysts forecast that Microchip Technology Incorporated will post $4.96 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 6th. Investors of record on Tuesday, May 23rd were paid a dividend of $0.3615 per share. This represents a $1.45 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend was Friday, May 19th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is currently 226.57%.
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MCHP has been the subject of several recent analyst reports. B. Riley reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Saturday, February 18th. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Thursday, February 23rd. Needham & Company LLC reiterated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Friday, March 10th. Summit Redstone upgraded Microchip Technology from a “hold” rating to a “buy” rating and lifted their target price for the stock from $65.00 to $82.00 in a research report on Tuesday, April 4th. Finally, Stifel Nicolaus lifted their target price on Microchip Technology from $77.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, April 7th. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $85.25.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,510 shares of Microchip Technology stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $201,527.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the transaction, the vice president now owns 14,263 shares in the company, valued at $1,145,176.27. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.
Microchip Technology Company Profile
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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