Connable Office Inc. decreased its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 10.8% during the third quarter, Holdings Channel reports. The fund owned 35,260 shares of the semiconductor company’s stock after selling 4,271 shares during the period. Connable Office Inc.’s holdings in Microchip Technology were worth $2,782,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Townsend & Associates Inc grew its holdings in shares of Microchip Technology by 6.1% during the 2nd quarter. Townsend & Associates Inc now owns 9,413 shares of the semiconductor company’s stock worth $856,000 after purchasing an additional 539 shares in the last quarter. Capital Analysts LLC grew its holdings in shares of Microchip Technology by 1.6% during the 2nd quarter. Capital Analysts LLC now owns 34,565 shares of the semiconductor company’s stock worth $3,144,000 after purchasing an additional 543 shares in the last quarter. Stephens Inc. AR grew its holdings in shares of Microchip Technology by 3.3% during the 2nd quarter. Stephens Inc. AR now owns 18,796 shares of the semiconductor company’s stock worth $1,710,000 after purchasing an additional 600 shares in the last quarter. Sigma Planning Corp grew its holdings in shares of Microchip Technology by 12.9% during the 2nd quarter. Sigma Planning Corp now owns 5,528 shares of the semiconductor company’s stock worth $503,000 after purchasing an additional 631 shares in the last quarter. Finally, CIBC World Markets Inc. grew its holdings in shares of Microchip Technology by 9.5% during the 2nd quarter. CIBC World Markets Inc. now owns 7,361 shares of the semiconductor company’s stock worth $669,000 after purchasing an additional 638 shares in the last quarter.
Shares of MCHP opened at $74.45 on Friday. 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 52-week low of $60.70 and a 52-week high of $104.20. The firm has a market capitalization of $16.50 billion, a price-to-earnings ratio of 14.34, a price-to-earnings-growth ratio of 0.77 and a beta of 1.24.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 5th. Stockholders of record on Wednesday, November 21st will be given a dividend of $0.3645 per share. The ex-dividend date is Tuesday, November 20th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.96%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is presently 28.13%.
In other news, VP Stephen V. Drehobl sold 3,998 shares of the business’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $337,151.34. Following the completion of the sale, the vice president now owns 16,931 shares in the company, valued at $1,427,791.23. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Ganesh Moorthy bought 12,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were purchased at an average price of $84.10 per share, with a total value of $1,009,200.00. The disclosure for this purchase can be found here. Insiders own 2.13% of the company’s stock.
MCHP has been the topic of several recent research reports. Nomura decreased their price objective on Microchip Technology from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, August 10th. Raymond James lowered Microchip Technology from an “outperform” rating to a “market perform” rating and set a $105.00 price objective on the stock. in a report on Tuesday, September 25th. Morgan Stanley decreased their price objective on Microchip Technology from $95.00 to $75.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 10th. Piper Jaffray Companies set a $130.00 price objective on Microchip Technology and gave the stock a “buy” rating in a report on Thursday. Finally, KeyCorp initiated coverage on Microchip Technology in a report on Tuesday, September 25th. They set a “sector weight” rating on the stock. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company. Microchip Technology presently has an average rating of “Hold” and an average target price of $105.11.
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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.
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