First Republic Investment Management Inc. boosted its position in Microchip Technology Inc. (NASDAQ:MCHP) by 1.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 431,729 shares of the semiconductor company’s stock after acquiring an additional 7,984 shares during the quarter. First Republic Investment Management Inc.’s holdings in Microchip Technology were worth $34,067,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of MCHP. Truvestments Capital LLC acquired a new position in shares of Microchip Technology during the third quarter worth about $116,000. Canada Pension Plan Investment Board lifted its stake in shares of Microchip Technology by 14,030.0% during the second quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock worth $129,000 after purchasing an additional 1,403 shares in the last quarter. Spirit of America Management Corp NY lifted its stake in shares of Microchip Technology by 95.2% during the third quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock worth $162,000 after purchasing an additional 1,000 shares in the last quarter. Psagot Investment House Ltd. lifted its stake in shares of Microchip Technology by 67.7% during the third quarter. Psagot Investment House Ltd. now owns 2,304 shares of the semiconductor company’s stock worth $182,000 after purchasing an additional 930 shares in the last quarter. Finally, Homrich & Berg acquired a new position in shares of Microchip Technology during the second quarter worth about $202,000.
Shares of NASDAQ MCHP opened at $73.40 on Friday. Microchip Technology Inc. has a 1 year low of $60.70 and a 1 year high of $104.20. The stock has a market cap of $17.62 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 0.92 and a beta of 1.28. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.64 and a current ratio of 1.04.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.03. Microchip Technology had a return on equity of 35.00% and a net margin of 0.59%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the company earned $1.41 earnings per share. The company’s revenue for the quarter was up 49.5% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology Inc. will post 5.98 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 5th. Stockholders of record on Wednesday, November 21st were given a dividend of $0.3645 per share. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.99%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Tuesday, November 20th. Microchip Technology’s payout ratio is presently 28.13%.
A number of research analysts have commented on the company. ValuEngine upgraded Microchip Technology from a “strong sell” rating to a “sell” rating in a research note on Friday, November 23rd. BidaskClub upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, November 16th. BMO Capital Markets assumed coverage on Microchip Technology in a research note on Monday, November 12th. They set an “outperform” rating and a $92.00 price objective on the stock. Jefferies Financial Group reduced their price objective on Microchip Technology from $115.00 to $102.00 and set a “buy” rating on the stock in a research note on Thursday, November 8th. Finally, Nomura set a $95.00 price objective on Microchip Technology and gave the stock a “buy” rating in a research note on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $104.42.
In related news, VP Stephen V. Drehobl sold 4,271 shares of the business’s stock in a transaction dated Friday, November 23rd. The stock was sold at an average price of $72.06, for a total value of $307,768.26. Following the completion of the sale, the vice president now directly owns 17,173 shares of the company’s stock, valued at $1,237,486.38. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,866 shares of the business’s stock in a transaction dated Friday, November 23rd. The shares were sold at an average price of $72.06, for a total value of $134,463.96. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.
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Microchip Technology Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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