76,885 Shares in Microchip Technology Inc. (MCHP) Acquired by Zurich Insurance Group Ltd FI

Zurich Insurance Group Ltd FI purchased a new position in shares of Microchip Technology Inc. (NASDAQ:MCHP) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 76,885 shares of the semiconductor company’s stock, valued at approximately $6,993,000.

Other large investors have also modified their holdings of the company. Psagot Investment House Ltd. bought a new stake in shares of Microchip Technology in the 2nd quarter valued at about $125,000. Canada Pension Plan Investment Board raised its holdings in shares of Microchip Technology by 14,030.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after purchasing an additional 1,403 shares during the period. Signaturefd LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at about $131,000. Prospera Financial Services Inc bought a new stake in shares of Microchip Technology in the 2nd quarter valued at about $200,000. Finally, Homrich & Berg bought a new stake in shares of Microchip Technology in the 2nd quarter valued at about $202,000.

A number of brokerages have recently issued reports on MCHP. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 26th. Argus upped their price target on shares of Microchip Technology to $115.00 and gave the company an “average” rating in a research note on Monday, June 25th. They noted that the move was a valuation call. Rosenblatt Securities reiterated a “buy” rating and issued a $125.00 price target on shares of Microchip Technology in a research note on Wednesday, June 6th. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $114.00 price target on the stock in a research note on Wednesday, June 6th. Finally, Morgan Stanley upped their price target on shares of Microchip Technology from $97.00 to $103.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $115.76.

In other Microchip Technology news, COO Ganesh Moorthy purchased 12,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was purchased at an average price of $84.10 per share, with a total value of $1,009,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 1,887 shares of the firm’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $159,130.71. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

Shares of NASDAQ:MCHP opened at $83.60 on Friday. The company has a market capitalization of $19.66 billion, a P/E ratio of 16.11, a P/E/G ratio of 0.87 and a beta of 1.09. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96. Microchip Technology Inc. has a one year low of $78.33 and a one year high of $104.20.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $0.13. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.21 billion. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The firm’s revenue was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.31 EPS. research analysts forecast that Microchip Technology Inc. will post 6.51 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Tuesday, August 21st were paid a $0.364 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Monday, August 20th. This represents a $1.46 annualized dividend and a yield of 1.74%. Microchip Technology’s dividend payout ratio is presently 28.13%.

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; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

Further Reading: Stock Symbols Definition, Examples, Lookup

Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Inc. (NASDAQ:MCHP).

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply