Pegasus Partners Ltd. lowered its position in Microchip Technology (NASDAQ:MCHP) by 43.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,336 shares of the semiconductor company’s stock after selling 6,351 shares during the period. Pegasus Partners Ltd.’s holdings in Microchip Technology were worth $762,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Westchester Capital Management Inc. boosted its stake in Microchip Technology by 0.7% in the 4th quarter. Westchester Capital Management Inc. now owns 104,009 shares of the semiconductor company’s stock worth $9,140,000 after purchasing an additional 765 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Microchip Technology in the 4th quarter worth approximately $2,577,000. State of Alaska Department of Revenue boosted its stake in Microchip Technology by 176.3% in the 4th quarter. State of Alaska Department of Revenue now owns 32,467 shares of the semiconductor company’s stock worth $2,851,000 after purchasing an additional 20,717 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Microchip Technology by 33.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 344,263 shares of the semiconductor company’s stock worth $30,254,000 after purchasing an additional 86,077 shares in the last quarter. Finally, Brookmont Capital Management boosted its stake in Microchip Technology by 34.4% in the 4th quarter. Brookmont Capital Management now owns 67,492 shares of the semiconductor company’s stock worth $5,931,000 after purchasing an additional 17,280 shares in the last quarter.
Microchip Technology opened at $92.80 on Monday, according to Marketbeat.com. The company has a quick ratio of 1.43, a current ratio of 1.66 and a debt-to-equity ratio of 0.54. Microchip Technology has a 1 year low of $75.80 and a 1 year high of $101.48. The firm has a market capitalization of $21.75 billion, a P/E ratio of 17.68, a PEG ratio of 1.14 and a beta of 1.08.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.13. Microchip Technology had a net margin of 6.41% and a return on equity of 38.62%. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $984.80 million. During the same period in the previous year, the business posted $1.16 EPS. The business’s revenue was up 11.0% compared to the same quarter last year. equities research analysts forecast that Microchip Technology will post 5.57 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 4th. Investors of record on Monday, May 21st will be paid a $0.3635 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Friday, May 18th.
In related news, Director Esther Johnson sold 2,275 shares of the business’s stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $97.90, for a total value of $222,722.50. Following the completion of the transaction, the director now directly owns 6,081 shares in the company, valued at approximately $595,329.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,109 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $84.18, for a total transaction of $177,535.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,667 shares of company stock valued at $3,132,552. Company insiders own 2.13% of the company’s stock.
MCHP has been the subject of a number of recent analyst reports. BidaskClub cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, April 18th. Goldman Sachs upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $95.57 to $108.00 in a research note on Thursday, March 8th. Stifel Nicolaus reiterated an “average” rating and issued a $112.00 target price on shares of Microchip Technology in a research note on Tuesday, March 6th. SunTrust Banks upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 2nd. Finally, Morgan Stanley lifted their price objective on shares of Microchip Technology from $96.00 to $97.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 9th. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $104.61.
Microchip Technology Company 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; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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