Nicholas Company Inc. lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 331,755 shares of the semiconductor company’s stock after selling 7,170 shares during the period. Nicholas Company Inc. owned approximately 0.15% of Microchip Technology worth $24,476,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Mission Wealth Management LLC increased its position in shares of Microchip Technology by 0.7% in the first quarter. Mission Wealth Management LLC now owns 3,616 shares of the semiconductor company’s stock worth $267,000 after buying an additional 26 shares in the last quarter. Cleararc Capital Inc. increased its position in shares of Microchip Technology by 0.8% in the first quarter. Cleararc Capital Inc. now owns 5,295 shares of the semiconductor company’s stock worth $391,000 after buying an additional 43 shares in the last quarter. Advantus Capital Management Inc increased its position in shares of Microchip Technology by 0.3% in the first quarter. Advantus Capital Management Inc now owns 21,665 shares of the semiconductor company’s stock worth $1,598,000 after buying an additional 70 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Microchip Technology by 0.7% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,383 shares of the semiconductor company’s stock worth $794,000 after buying an additional 87 shares in the last quarter. Finally, Honkamp Krueger Financial Services Inc. boosted its position in shares of Microchip Technology by 0.9% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 10,591 shares of the semiconductor company’s stock worth $781,000 after buying an additional 99 shares during the last quarter. Institutional investors own 98.67% of the company’s stock.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at 81.59 on Friday. The company has a 50 day moving average price of $80.90 and a 200 day moving average price of $72.94. The firm has a market cap of $18.72 billion, a PE ratio of 115.73 and a beta of 1.05. Microchip Technology Incorporated has a 12-month low of $47.81 and a 12-month high of $87.49.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, May 9th. The semiconductor company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.10. Microchip Technology had a return on equity of 31.64% and a net margin of 4.83%. The firm had revenue of $902.70 million for the quarter, compared to analyst estimates of $891.14 million. During the same quarter in the prior year, the company earned $0.70 EPS. Microchip Technology’s revenue was up 61.9% on a year-over-year basis. On average, analysts forecast that Microchip Technology Incorporated will post $4.96 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 6th. Investors of record on Tuesday, May 23rd were paid a $0.3615 dividend. The ex-dividend date of this dividend was Friday, May 19th. This represents a $1.45 dividend on an annualized basis and a yield of 1.77%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is presently 226.57%.
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A number of brokerages have commented on MCHP. B. Riley reissued a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a report on Monday, May 8th. Raymond James Financial, Inc. began coverage on Microchip Technology in a report on Friday, June 16th. They set an “outperform” rating and a $95.00 target price for the company. Stifel Nicolaus increased their target price on Microchip Technology from $88.00 to $89.00 and gave the company a “buy” rating in a report on Tuesday, June 6th. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, June 1st. Finally, Mizuho reissued a “neutral” rating and set a $80.00 target price (up previously from $75.00) on shares of Microchip Technology in a report on Wednesday, June 7th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $85.25.
In related news, CFO James Eric Bjornholt sold 2,510 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $201,527.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 3,974 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the sale, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.
Microchip Technology Company Profile
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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