South Dakota Investment Council boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 38.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,400 shares of the semiconductor company’s stock after purchasing an additional 6,500 shares during the period. South Dakota Investment Council’s holdings in Microchip Technology were worth $1,806,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in Microchip Technology by 66.5% in the second quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock worth $484,434,000 after purchasing an additional 2,507,707 shares during the last quarter. Nicolet Bankshares Inc. lifted its stake in Microchip Technology by 0.3% in the second quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock worth $281,000 after purchasing an additional 11 shares during the last quarter. Caxton Associates LP bought a new stake in Microchip Technology in the first quarter worth $516,000. Prospera Financial Services Inc bought a new stake in Microchip Technology in the second quarter worth $389,000. Finally, Barometer Capital Management Inc. lifted its stake in Microchip Technology by 14.2% in the second quarter. Barometer Capital Management Inc. now owns 141,500 shares of the semiconductor company’s stock worth $10,921,000 after purchasing an additional 17,600 shares during the last quarter. 98.68% of the stock is owned by institutional investors and hedge funds.
Several research firms have weighed in on MCHP. B. Riley reissued a “buy” rating and issued a $115.00 price target on shares of Microchip Technology in a research note on Sunday, June 11th. BidaskClub raised shares of Microchip Technology from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 19th. Stifel Nicolaus boosted their price target on shares of Microchip Technology from $88.00 to $89.00 and gave the stock a “buy” rating in a research note on Tuesday, June 6th. Jefferies Group LLC reissued a “buy” rating and issued a $94.00 price target (up from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. Finally, Raymond James Financial, Inc. began coverage on shares of Microchip Technology in a research note on Friday, June 16th. They set an “outperform” rating and a $95.00 price objective for the company. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $88.80.
Microchip Technology Incorporated (MCHP) opened at 88.38 on Tuesday. The company has a market capitalization of $20.57 billion, a P/E ratio of 47.62 and a beta of 1.04. Microchip Technology Incorporated has a 1-year low of $57.52 and a 1-year high of $88.48. The company has a 50-day moving average of $83.22 and a 200-day moving average of $78.92.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company had revenue of $972.10 million during the quarter, compared to analyst estimates of $944.87 million. During the same quarter last year, the business posted $0.84 EPS. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. Equities analysts expect that Microchip Technology Incorporated will post $5.27 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Monday, August 21st were issued a dividend of $0.362 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Thursday, August 17th. This represents a $1.45 dividend on an annualized basis and a yield of 1.64%. Microchip Technology’s dividend payout ratio (DPR) is presently 77.54%.
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In related news, Director Wade F. Meyercord sold 1,300 shares of Microchip Technology stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total transaction of $109,135.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $251,893.64. Following the sale, the vice president now owns 14,263 shares of the company’s stock, valued at approximately $1,167,997.07. The disclosure for this sale can be found here. Insiders have sold a total of 6,829 shares of company stock valued at $561,905 in the last quarter. 2.13% of the stock is currently owned by company insiders.
About Microchip Technology
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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