Schmidt P J Investment Management Inc. acquired a new position in shares of Microchip Technology Inc. (NASDAQ:MCHP) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 21,553 shares of the semiconductor company’s stock, valued at approximately $1,894,000.
A number of other hedge funds have also recently bought and sold shares of the business. Zions Bancorporation grew its position in Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after acquiring an additional 836 shares during the last quarter. Amica Retiree Medical Trust bought a new position in Microchip Technology in the third quarter valued at about $121,000. Valeo Financial Advisors LLC bought a new position in Microchip Technology in the third quarter valued at about $146,000. Benjamin F. Edwards & Company Inc. grew its position in Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after acquiring an additional 1,807 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC bought a new position in Microchip Technology in the third quarter valued at about $205,000.
Microchip Technology Inc. (NASDAQ MCHP) traded down $2.21 during mid-day trading on Wednesday, reaching $80.81. The company’s stock had a trading volume of 4,296,400 shares, compared to its average volume of 3,099,446. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98. Microchip Technology Inc. has a twelve month low of $70.72 and a twelve month high of $99.17. The stock has a market capitalization of $18,940.00, a PE ratio of 83.31, a P/E/G ratio of 1.11 and a beta of 1.05.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.01. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The business had revenue of $994.10 million for the quarter, compared to analysts’ expectations of $992.10 million. During the same quarter in the previous year, the firm earned $1.05 earnings per share. The business’s revenue was up 19.1% on a year-over-year basis. equities research analysts forecast that Microchip Technology Inc. will post 5.13 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Wednesday, February 21st will be given a dividend of $0.363 per share. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Tuesday, February 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is currently 149.48%.
MCHP has been the topic of a number of recent research reports. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Friday, November 10th. Jefferies Group reaffirmed a “buy” rating and issued a $106.00 price objective on shares of Microchip Technology in a research note on Thursday, October 19th. B. Riley reissued a “buy” rating and issued a $123.00 price target (up from $120.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Stifel Nicolaus reissued a “buy” rating and issued a $100.00 price target (up from $94.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, BidaskClub lowered Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 26th. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $102.35.
In related news, VP Stephen V. Drehobl sold 2,852 shares of the 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 sale, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $1,445,203.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was 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. 2.13% of the stock is owned by corporate insiders.
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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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