Israel Discount Bank of New York Increases Stake in Microchip Technology Inc. (MCHP)

Israel Discount Bank of New York grew its position in Microchip Technology Inc. (NASDAQ:MCHP) by 12.0% in the first quarter, Holdings Channel reports. The fund owned 6,465 shares of the semiconductor company’s stock after acquiring an additional 695 shares during the quarter. Israel Discount Bank of New York’s holdings in Microchip Technology were worth $536,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its holdings in Microchip Technology by 3.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,354 shares of the semiconductor company’s stock valued at $1,523,000 after purchasing an additional 684 shares during the period. National Asset Management Inc. grew its holdings in Microchip Technology by 7.5% during the 1st quarter. National Asset Management Inc. now owns 3,457 shares of the semiconductor company’s stock worth $287,000 after acquiring an additional 240 shares during the period. Trust Co. of Virginia VA grew its holdings in Microchip Technology by 1.0% during the 1st quarter. Trust Co. of Virginia VA now owns 125,754 shares of the semiconductor company’s stock worth $10,432,000 after acquiring an additional 1,243 shares during the period. Tdam USA Inc. grew its holdings in Microchip Technology by 7.3% during the 1st quarter. Tdam USA Inc. now owns 6,697 shares of the semiconductor company’s stock worth $556,000 after acquiring an additional 453 shares during the period. Finally, TD Asset Management Inc. grew its holdings in Microchip Technology by 2.7% during the 1st quarter. TD Asset Management Inc. now owns 1,199,478 shares of the semiconductor company’s stock worth $99,508,000 after acquiring an additional 31,703 shares during the period.

In other Microchip Technology news, VP James Eric Bjornholt sold 2,356 shares of Microchip Technology stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $89.24, for a total transaction of $210,249.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director L B. Day sold 3,500 shares of Microchip Technology stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $84.82, for a total transaction of $296,870.00. Following the transaction, the director now directly owns 9,238 shares in the company, valued at approximately $783,567.16. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.

NASDAQ MCHP traded up $0.28 during trading hours on Wednesday, hitting $82.23. The company’s stock had a trading volume of 4,181 shares, compared to its average volume of 2,924,584. Microchip Technology Inc. has a 52 week low of $60.70 and a 52 week high of $104.20. The stock has a market cap of $19.73 billion, a price-to-earnings ratio of 13.61, a PEG ratio of 1.10 and a beta of 1.31. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. Microchip Technology had a net margin of 6.65% and a return on equity of 29.27%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the firm earned $1.40 EPS. The firm’s revenue for the quarter was up 32.6% compared to the same quarter last year. On average, sell-side analysts predict that Microchip Technology Inc. will post 5.61 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Investors of record on Tuesday, May 21st will be given a $0.3655 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, May 20th. This represents a $1.46 annualized dividend and a yield of 1.78%. Microchip Technology’s dividend payout ratio (DPR) is presently 24.01%.

A number of analysts have weighed in on the company. BidaskClub downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday. Zacks Investment Research downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, May 14th. Mizuho increased their price target on Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Rosenblatt Securities reiterated a “buy” rating and set a $115.00 price target on shares of Microchip Technology in a report on Monday, May 6th. Finally, BMO Capital Markets reduced their target price on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the stock. Microchip Technology presently has an average rating of “Hold” and a consensus target price of $104.32.

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

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