TimesSquare Capital Management LLC lifted its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 23.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 670,000 shares of the semiconductor company’s stock after buying an additional 128,600 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Microchip Technology were worth $58,089,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Northern Trust Corp grew its holdings in Microchip Technology by 1.7% in the first quarter. Northern Trust Corp now owns 3,362,490 shares of the semiconductor company’s stock worth $278,952,000 after purchasing an additional 55,625 shares during the period. Coho Partners Ltd. grew its holdings in Microchip Technology by 5.1% in the first quarter. Coho Partners Ltd. now owns 1,612,192 shares of the semiconductor company’s stock worth $133,747,000 after purchasing an additional 78,339 shares during the period. Parametric Portfolio Associates LLC grew its holdings in Microchip Technology by 0.4% in the first quarter. Parametric Portfolio Associates LLC now owns 1,441,120 shares of the semiconductor company’s stock worth $119,555,000 after purchasing an additional 5,982 shares during the period. TD Asset Management Inc. grew its holdings in Microchip Technology by 2.7% in the first quarter. TD Asset Management Inc. now owns 1,199,478 shares of the semiconductor company’s stock worth $99,508,000 after purchasing an additional 31,703 shares during the period. Finally, First Trust Advisors LP grew its holdings in Microchip Technology by 30.2% in the first quarter. First Trust Advisors LP now owns 1,129,588 shares of the semiconductor company’s stock worth $93,711,000 after purchasing an additional 261,717 shares during the period.
Shares of Microchip Technology stock traded up $1.54 during trading hours on Friday, reaching $88.38. The company’s stock had a trading volume of 1,587,000 shares, compared to its average volume of 2,470,725. Microchip Technology Inc. has a one year low of $60.70 and a one year high of $101.35. The company has a market capitalization of $20.69 billion, a P/E ratio of 14.54, a P/E/G ratio of 1.33 and a beta of 1.41. The stock’s fifty day simple moving average is $90.87 and its two-hundred day simple moving average is $88.68. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.63 and a current ratio of 0.93.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.16. Microchip Technology had a net margin of 6.79% and a return on equity of 27.79%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the firm earned $1.61 earnings per share. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. As a group, research analysts forecast that Microchip Technology Inc. will post 5.27 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st will be paid a $0.366 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.66%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, August 20th. Microchip Technology’s dividend payout ratio (DPR) is 24.01%.
In other Microchip Technology news, VP James Eric Bjornholt sold 2,188 shares of the firm’s stock in a transaction on 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 document filed with the SEC, which is available through the SEC website. 2.21% of the stock is currently owned by company insiders.
A number of equities research analysts have commented on the stock. BMO Capital Markets reduced their price target on shares of Microchip Technology from $118.00 to $110.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Wells Fargo & Co raised their price target on shares of Microchip Technology from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. They noted that the move was a valuation call. BidaskClub cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, August 6th. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 price target for the company. in a report on Thursday, July 25th. Finally, B. Riley raised their price target on shares of Microchip Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Two investment 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’s stock. Microchip Technology presently has a consensus rating of “Hold” and a consensus price target of $101.76.
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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