Levin Capital Strategies L.P. Acquires New Holdings in Microchip Technology Inc. (MCHP)

Levin Capital Strategies L.P. acquired a new stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 60,658 shares of the semiconductor company’s stock, valued at approximately $4,363,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MCHP. Dodge & Cox bought a new position in Microchip Technology during the third quarter valued at $827,774,000. Pictet Asset Management Ltd. lifted its position in shares of Microchip Technology by 163.6% during the third quarter. Pictet Asset Management Ltd. now owns 3,158,240 shares of the semiconductor company’s stock worth $249,217,000 after acquiring an additional 1,960,048 shares in the last quarter. Ceredex Value Advisors LLC purchased a new stake in shares of Microchip Technology during the third quarter worth $114,767,000. Platinum Investment Management Ltd. lifted its position in shares of Microchip Technology by 69.5% during the third quarter. Platinum Investment Management Ltd. now owns 1,305,040 shares of the semiconductor company’s stock worth $102,981,000 after acquiring an additional 535,040 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Microchip Technology by 214.4% during the third quarter. Fifth Third Bancorp now owns 368,236 shares of the semiconductor company’s stock worth $29,058,000 after acquiring an additional 251,131 shares in the last quarter.

Several research firms have issued reports on MCHP. Rosenblatt Securities restated a “buy” rating and set a $115.00 target price on shares of Microchip Technology in a research report on Monday. Citigroup restated a “buy” rating and set a $105.00 target price on shares of Microchip Technology in a research report on Thursday. Zacks Investment Research downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday. Needham & Company LLC increased their target price on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, February 6th. Finally, BidaskClub upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, November 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $103.95.

Shares of MCHP stock opened at $87.11 on Monday. The company has a current ratio of 2.92, a quick ratio of 1.83 and a debt-to-equity ratio of 2.04. Microchip Technology Inc. has a 52-week low of $60.70 and a 52-week high of $104.20. The firm has a market capitalization of $20.64 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, February 5th. The semiconductor company reported $1.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.45 by $0.21. Microchip Technology had a return on equity of 32.30% and a net margin of 6.53%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the business posted $1.36 earnings per share. The firm’s revenue was up 42.5% compared to the same quarter last year. On average, analysts predict that Microchip Technology Inc. will post 5.89 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 7th. Investors of record on Thursday, February 21st will be given a $0.365 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend is Wednesday, February 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is 28.13%.

In related news, CFO James Eric Bjornholt sold 1,866 shares of the stock in a transaction on Friday, November 23rd. The stock was sold at an average price of $72.06, for a total value of $134,463.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 4,271 shares of the stock in a transaction on Friday, November 23rd. The shares were sold at an average price of $72.06, for a total value of $307,768.26. Following the completion of the transaction, the vice president now directly owns 17,173 shares in the company, valued at approximately $1,237,486.38. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

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Microchip Technology Company 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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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