Motco boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 3.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 114,465 shares of the semiconductor company’s stock after buying an additional 3,346 shares during the period. Motco’s holdings in Microchip Technology were worth $6,986,000 at the end of the most recent reporting period.
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A number of other hedge funds have also recently added to or reduced their stakes in MCHP. Panagora Asset Management Inc. raised its holdings in shares of Microchip Technology by 31.8% in the 1st quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock worth $1,633,000 after purchasing an additional 5,237 shares during the period. Cibc World Market Inc. raised its holdings in shares of Microchip Technology by 292.9% in the 1st quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock worth $3,331,000 after purchasing an additional 33,044 shares during the period. Vontobel Holding Ltd. raised its holdings in shares of Microchip Technology by 4.1% in the 1st quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock worth $2,259,000 after purchasing an additional 1,159 shares during the period. Sequoia Financial Advisors LLC raised its holdings in shares of Microchip Technology by 34.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock worth $335,000 after purchasing an additional 1,133 shares during the period. Finally, Loomis Sayles & Co. L P raised its holdings in shares of Microchip Technology by 1,272.4% in the 1st quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company’s stock worth $24,550,000 after purchasing an additional 302,910 shares during the period. 89.85% of the stock is owned by institutional investors and hedge funds.
Microchip Technology Price Performance
Shares of MCHP opened at $72.40 on Friday. The firm has a market cap of $39.82 billion, a price-to-earnings ratio of 21.94, a PEG ratio of 0.81 and a beta of 1.59. The stock has a 50 day moving average of $73.80 and a 200-day moving average of $67.89. The company has a current ratio of 1.05, a quick ratio of 0.65 and a debt-to-equity ratio of 1.03. Microchip Technology Incorporated has a 52 week low of $54.33 and a 52 week high of $80.50.
Microchip Technology (NASDAQ:MCHP – Get Rating) last released its quarterly earnings data on Thursday, November 3rd. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.02. Microchip Technology had a return on equity of 47.90% and a net margin of 24.14%. The business had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.06 billion. As a group, analysts forecast that Microchip Technology Incorporated will post 5.66 EPS for the current year.
Microchip Technology Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 6th. Investors of record on Tuesday, November 22nd were given a dividend of $0.328 per share. The ex-dividend date of this dividend was Monday, November 21st. This represents a $1.31 dividend on an annualized basis and a yield of 1.81%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.30. Microchip Technology’s payout ratio is currently 40.06%.
Wall Street Analysts Forecast Growth
MCHP has been the topic of a number of research reports. Citigroup raised their price objective on Microchip Technology from $62.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com initiated coverage on Microchip Technology in a report on Wednesday, October 12th. They set a “buy” rating on the stock. Wells Fargo & Company dropped their target price on Microchip Technology from $75.00 to $65.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 11th. Credit Suisse Group initiated coverage on Microchip Technology in a report on Tuesday, November 15th. They set a “neutral” rating and a $85.00 target price on the stock. Finally, Morgan Stanley dropped their target price on Microchip Technology from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, November 4th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $84.10.
Insider Activity at Microchip Technology
In related news, Director Karlton D. Johnson sold 927 shares of the business’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $64.54, for a total transaction of $59,828.58. Following the completion of the transaction, the director now owns 1,369 shares in the company, valued at approximately $88,355.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.00% of the company’s stock.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells 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 microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
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