Moors & Cabot Inc. grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 14.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,403 shares of the semiconductor company’s stock after acquiring an additional 1,208 shares during the period. Moors & Cabot Inc.’s holdings in Microchip Technology were worth $843,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. grew its stake in shares of Microchip Technology by 66.5% in the 2nd quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock valued at $484,434,000 after buying an additional 2,507,707 shares during the period. Fox Run Management L.L.C. grew its stake in shares of Microchip Technology by 248.8% in the 3rd quarter. Fox Run Management L.L.C. now owns 15,000 shares of the semiconductor company’s stock valued at $1,347,000 after buying an additional 10,700 shares during the period. 361 Capital LLC grew its stake in shares of Microchip Technology by 35.3% in the 2nd quarter. 361 Capital LLC now owns 48,830 shares of the semiconductor company’s stock valued at $3,769,000 after buying an additional 12,730 shares during the period. Norinchukin Bank The grew its stake in shares of Microchip Technology by 13.2% in the 2nd quarter. Norinchukin Bank The now owns 15,920 shares of the semiconductor company’s stock valued at $1,229,000 after buying an additional 1,857 shares during the period. Finally, HPM Partners LLC grew its stake in shares of Microchip Technology by 76.3% in the 2nd quarter. HPM Partners LLC now owns 17,185 shares of the semiconductor company’s stock valued at $623,000 after buying an additional 7,437 shares during the period.
In related news, CFO James Eric Bjornholt sold 1,801 shares of Microchip Technology stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of Microchip Technology stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $261,414.32. Following the completion of the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
Several analysts have recently commented on MCHP shares. Zacks Investment Research upgraded Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Friday, November 10th. Morgan Stanley raised their target price on Microchip Technology from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday. Jefferies Group raised their target price on Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, November 7th. J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $120.00 price target on shares of Microchip Technology in a research report on Tuesday, November 7th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $110.00 price target (up previously from $95.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $99.71.
Shares of Microchip Technology Incorporated (MCHP) opened at $85.47 on Friday. The company has a quick ratio of 2.71, a current ratio of 3.33 and a debt-to-equity ratio of 0.85. The company has a market cap of $20,110.00, a P/E ratio of 18.19, a P/E/G ratio of 1.37 and a beta of 0.99. Microchip Technology Incorporated has a 1-year low of $62.21 and a 1-year high of $95.92.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. Microchip Technology’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 EPS. analysts expect that Microchip Technology Incorporated will post 5.12 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st were issued a $0.3625 dividend. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Monday, November 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is 58.00%.
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Microchip Technology 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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