Meitav Dash Investments Ltd. boosted its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 15.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,130 shares of the semiconductor company’s stock after purchasing an additional 1,497 shares during the period. Meitav Dash Investments Ltd.’s holdings in Microchip Technology were worth $1,172,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of MCHP. Clarius Group LLC acquired a new position in shares of Microchip Technology during the 2nd quarter worth $240,000. Redpoint Investment Management Pty Ltd raised its holdings in shares of Microchip Technology by 20.3% in the second quarter. Redpoint Investment Management Pty Ltd now owns 12,096 shares of the semiconductor company’s stock valued at $1,274,000 after buying an additional 2,043 shares during the last quarter. Korea Investment CORP lifted its position in Microchip Technology by 40.3% during the 1st quarter. Korea Investment CORP now owns 595,300 shares of the semiconductor company’s stock worth $40,361,000 after buying an additional 171,000 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its position in Microchip Technology by 6,690.2% during the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 260,338 shares of the semiconductor company’s stock worth $17,651,000 after buying an additional 256,504 shares in the last quarter. Finally, Gulf International Bank UK Ltd grew its holdings in Microchip Technology by 3.8% during the 2nd quarter. Gulf International Bank UK Ltd now owns 54,434 shares of the semiconductor company’s stock worth $5,732,000 after acquiring an additional 2,000 shares during the last quarter.
MCHP stock traded down $3.56 during midday trading on Thursday, hitting $104.56. 62,791 shares of the company’s stock were exchanged, compared to its average volume of 2,533,462. Microchip Technology Inc. has a one year low of $53.15 and a one year high of $113.28. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.57 and a current ratio of 0.83. The company has a market cap of $27.10 billion, a PE ratio of 20.64, a price-to-earnings-growth ratio of 1.44 and a beta of 1.57. The stock’s fifty day moving average price is $103.44 and its 200-day moving average price is $92.71.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, August 4th. The semiconductor company reported $1.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.12. Microchip Technology had a return on equity of 24.31% and a net margin of 12.23%. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the business posted $1.41 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, analysts expect that Microchip Technology Inc. will post 5.38 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Friday, August 21st will be given a dividend of $0.368 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $1.47 dividend on an annualized basis and a yield of 1.41%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio is currently 28.38%.
In other news, COO Ganesh Moorthy sold 12,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $106.72, for a total value of $1,280,640.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $112.92, for a total value of $225,840.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,336 shares of company stock worth $2,684,160. 2.15% of the stock is currently owned by insiders.
A number of equities analysts have recently issued reports on the stock. Cfra reduced their target price on shares of Microchip Technology from $110.00 to $95.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. Cowen reduced their price objective on Microchip Technology from $110.00 to $102.00 and set a “market perform” rating on the stock in a report on Wednesday, August 5th. Zacks Investment Research cut Microchip Technology from a “buy” rating to a “hold” rating and set a $104.00 target price for the company. in a research note on Thursday, August 6th. BidaskClub raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, KeyCorp raised their price target on Microchip Technology from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Seven research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Microchip Technology currently has a consensus rating of “Buy” and a consensus price target of $114.64.
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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