Covington Capital Management raised its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 8.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,095 shares of the semiconductor company’s stock after buying an additional 910 shares during the period. Covington Capital Management’s holdings in Microchip Technology were worth $1,267,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Pacitti Group Inc. purchased a new stake in Microchip Technology during the 4th quarter valued at $33,000. Simon Quick Advisors LLC raised its stake in Microchip Technology by 512.7% during the 4th quarter. Simon Quick Advisors LLC now owns 337 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 282 shares during the last quarter. Allred Capital Management LLC purchased a new stake in shares of Microchip Technology in the 4th quarter worth $36,000. S.A. Mason LLC purchased a new stake in shares of Microchip Technology in the 4th quarter worth $41,000. Finally, Orion Portfolio Solutions LLC purchased a new stake in shares of Microchip Technology in the 4th quarter worth $43,000.
In other Microchip Technology news, VP Richard J. Simoncic sold 4,091 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $101.00, for a total transaction of $413,191.00. Following the completion of the transaction, the vice president now owns 18,624 shares of the company’s stock, valued at approximately $1,881,024. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,799 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $101.00, for a total transaction of $181,699.00. The disclosure for this sale can be found here. 2.21% of the stock is owned by corporate insiders.
Several equities research analysts have recently commented on the company. Mizuho restated a “buy” rating and issued a $108.00 price objective on shares of Microchip Technology in a research note on Monday, March 2nd. B. Riley lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $128.00 to $70.00 in a research note on Thursday, March 19th. SunTrust Banks upped their price objective on Microchip Technology from $113.00 to $119.00 and gave the stock a “positive” rating in a research note on Tuesday, January 7th. BidaskClub upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, KeyCorp upped their price objective on Microchip Technology from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 7th. Seven investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $110.85.
Shares of Microchip Technology stock opened at $74.93 on Thursday. The company has a market capitalization of $18.14 billion, a P/E ratio of 29.62, a P/E/G ratio of 1.24 and a beta of 1.37. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.60 and a current ratio of 0.90. The company has a fifty day moving average of $89.91 and a 200 day moving average of $96.19. Microchip Technology Inc. has a fifty-two week low of $53.15 and a fifty-two week high of $112.47.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, February 4th. The semiconductor company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.06. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.29 billion. Microchip Technology had a net margin of 12.23% and a return on equity of 23.87%. Microchip Technology’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.66 EPS. Analysts forecast that Microchip Technology Inc. will post 4.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $0.367 per share. This represents a $1.47 annualized dividend and a dividend yield of 1.96%. The ex-dividend date was Thursday, February 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio is 24.18%.
About Microchip Technology
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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