Westfield Capital Management Co. LP lifted its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 693.4% during the 1st quarter, Holdings Channel reports. The firm owned 444,716 shares of the semiconductor company’s stock after purchasing an additional 388,661 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Microchip Technology were worth $36,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. City Holding Co. increased its stake in shares of Microchip Technology by 1.9% during the 1st quarter. City Holding Co. now owns 43,610 shares of the semiconductor company’s stock worth $3,618,000 after purchasing an additional 801 shares during the last quarter. Norway Savings Bank increased its stake in shares of Microchip Technology by 22.3% during the 1st quarter. Norway Savings Bank now owns 17,150 shares of the semiconductor company’s stock worth $1,423,000 after purchasing an additional 3,125 shares during the last quarter. Enlightenment Research LLC increased its stake in shares of Microchip Technology by 316.7% during the 1st quarter. Enlightenment Research LLC now owns 2,500 shares of the semiconductor company’s stock worth $207,000 after purchasing an additional 1,900 shares during the last quarter. JOYN Advisors Inc. increased its stake in shares of Microchip Technology by 323.6% during the 4th quarter. JOYN Advisors Inc. now owns 610 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 466 shares during the last quarter. Finally, Hallmark Capital Management Inc. increased its stake in shares of Microchip Technology by 1.5% during the 1st quarter. Hallmark Capital Management Inc. now owns 206,641 shares of the semiconductor company’s stock worth $17,143,000 after purchasing an additional 3,130 shares during the last quarter.
MCHP traded down $1.07 on Friday, reaching $83.03. The company had a trading volume of 1,345,141 shares, compared to its average volume of 2,531,293. Microchip Technology Inc. has a fifty-two week low of $60.70 and a fifty-two week high of $103.27. The firm has a market cap of $19.94 billion, a P/E ratio of 13.66, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. 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 EPS for the quarter, beating the Zacks’ 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 analyst estimates of $1.33 billion. During the same quarter in the prior year, the business earned $1.40 EPS. Microchip Technology’s quarterly revenue was up 32.6% on a year-over-year basis. As a group, equities analysts forecast that Microchip Technology Inc. will post 5.6 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Tuesday, May 21st were paid a $0.3655 dividend. The ex-dividend date was Monday, May 20th. This represents a $1.46 dividend on an annualized basis and a yield of 1.76%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio is 24.01%.
Several research analysts have recently weighed in on the stock. BidaskClub lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Zacks Investment Research lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, May 14th. Mizuho boosted their price objective on shares of Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Rosenblatt Securities restated a “buy” rating and set a $115.00 price objective on shares of Microchip Technology in a research note on Monday, May 6th. Finally, BMO Capital Markets lowered their price objective on shares of Microchip Technology from $118.00 to $110.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. Microchip Technology currently has a consensus rating of “Hold” and an average price target of $103.61.
In other Microchip Technology news, VP James Eric Bjornholt sold 2,188 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.99, for a total value of $177,206.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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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