First Republic Investment Management Inc. grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 396,234 shares of the semiconductor company’s stock after purchasing an additional 13,871 shares during the quarter. First Republic Investment Management Inc. owned about 0.17% of Microchip Technology worth $35,574,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Amica Retiree Medical Trust purchased a new stake in shares of Microchip Technology during the third quarter valued at $121,000. Smithfield Trust Co. grew its holdings in shares of Microchip Technology by 0.4% during the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares during the last quarter. Commonwealth Bank of Australia grew its holdings in shares of Microchip Technology by 1.4% during the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after buying an additional 29 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Microchip Technology by 608.4% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after buying an additional 1,807 shares during the last quarter. Finally, Dearborn Partners LLC purchased a new stake in shares of Microchip Technology during the second quarter valued at $201,000.
In other Microchip Technology news, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the completion of the transaction, the vice president now owns 15,767 shares in the company, valued at $1,445,203.22. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.
Microchip Technology Incorporated (NASDAQ:MCHP) opened at $86.31 on Thursday. The firm has a market cap of $20,164.98, a PE ratio of 18.26, a price-to-earnings-growth ratio of 1.38 and a beta of 1.00. Microchip Technology Incorporated has a 1 year low of $62.21 and a 1 year high of $95.92. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.14. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The company’s revenue was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 earnings per share. sell-side analysts expect that Microchip Technology Incorporated will post 5.12 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were given a $0.3625 dividend. The ex-dividend date was Monday, November 20th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.68%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 58.00%.
A number of brokerages have recently weighed in on MCHP. J P Morgan Chase & Co reissued an “overweight” rating and set a $120.00 price objective on shares of Microchip Technology in a report on Tuesday, November 7th. Needham & Company LLC boosted their price objective on shares of Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a report on Tuesday, November 7th. Stifel Nicolaus reissued a “buy” rating and set a $100.00 price objective (up from $94.00) on shares of Microchip Technology in a report on Tuesday, November 7th. B. Riley restated a “buy” rating and set a $123.00 target price (up from $120.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Finally, Jefferies Group boosted their target price on shares of Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, November 7th. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Microchip Technology has an average rating of “Buy” and a consensus price target of $99.41.
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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