Stifel Financial Corp cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 330,277 shares of the semiconductor company’s stock after selling 23,315 shares during the quarter. Stifel Financial Corp owned approximately 0.14% of Microchip Technology worth $29,638,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. ING Groep NV bought a new position in Microchip Technology in the second quarter valued at about $326,000. Municipal Employees Retirement System of Michigan boosted its holdings in Microchip Technology by 102.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 14,130 shares of the semiconductor company’s stock valued at $1,090,000 after acquiring an additional 7,160 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in Microchip Technology by 4.9% in the second quarter. CIBC Asset Management Inc now owns 27,329 shares of the semiconductor company’s stock valued at $2,109,000 after acquiring an additional 1,273 shares during the last quarter. Ingalls & Snyder LLC boosted its holdings in Microchip Technology by 12.0% in the second quarter. Ingalls & Snyder LLC now owns 5,339 shares of the semiconductor company’s stock valued at $412,000 after acquiring an additional 574 shares during the last quarter. Finally, Smithfield Trust Co. boosted its holdings in Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after acquiring an additional 7 shares during the last quarter.
In other news, VP Stephen V. Drehobl sold 2,852 shares of Microchip Technology stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the transaction, the vice president now owns 15,767 shares in the company, valued at approximately $1,445,203.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,801 shares of Microchip Technology stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
Microchip Technology Incorporated (MCHP) opened at $86.30 on Tuesday. The company has a current ratio of 3.33, a quick ratio of 2.71 and a debt-to-equity ratio of 0.85. Microchip Technology Incorporated has a 1-year low of $62.21 and a 1-year high of $95.92. The stock has a market capitalization of $20,349.77, a PE ratio of 18.43, a price-to-earnings-growth ratio of 1.39 and a beta of 1.00.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.14. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the business earned $0.94 earnings per share. The company’s revenue was up 16.2% compared to the same quarter last year. sell-side analysts expect that Microchip Technology Incorporated will post 5.12 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st will be issued a dividend of $0.3625 per share. This represents a $1.45 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Monday, November 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is 58.00%.
Several research firms recently issued reports on MCHP. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Zacks Investment Research upgraded Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Friday, November 10th. Jefferies Group raised their price target on Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, November 7th. B. Riley reiterated a “buy” rating and issued a $123.00 price target (up previously from $120.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $110.00 price target (up previously from $95.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Microchip Technology presently has an average rating of “Buy” and a consensus price target of $99.41.
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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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