Chemical Bank grew its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,675 shares of the semiconductor company’s stock after buying an additional 845 shares during the quarter. Chemical Bank’s holdings in Microchip Technology were worth $5,103,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the business. Janus Henderson Group PLC raised its position in shares of Microchip Technology by 4.7% during the 2nd quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock worth $1,175,042,000 after buying an additional 582,965 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Microchip Technology by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 5,616,587 shares of the semiconductor company’s stock worth $513,132,000 after purchasing an additional 24,008 shares in the last quarter. OppenheimerFunds Inc. raised its holdings in shares of Microchip Technology by 114.5% in the 2nd quarter. OppenheimerFunds Inc. now owns 1,753,557 shares of the semiconductor company’s stock worth $159,486,000 after purchasing an additional 935,884 shares in the last quarter. Coho Partners Ltd. raised its holdings in shares of Microchip Technology by 2.7% in the 2nd quarter. Coho Partners Ltd. now owns 1,543,379 shares of the semiconductor company’s stock worth $140,370,000 after purchasing an additional 41,296 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Microchip Technology by 22.0% in the 2nd quarter. Victory Capital Management Inc. now owns 1,520,964 shares of the semiconductor company’s stock worth $138,332,000 after purchasing an additional 274,241 shares in the last quarter.
In other news, VP Stephen V. Drehobl sold 3,998 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $337,151.34. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,887 shares of the business’s stock in a transaction that occurred 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 insiders.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.03. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the previous year, the business earned $1.41 earnings per share. The firm’s revenue was up 49.5% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology Inc. will post 6.36 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 5th. Stockholders of record on Wednesday, November 21st will be issued 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 a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 28.13%.
MCHP has been the topic of a number of research reports. ValuEngine downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Rosenblatt Securities reiterated a “buy” rating and issued a $125.00 target price on shares of Microchip Technology in a report on Sunday, August 12th. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a report on Friday, August 10th. KeyCorp dropped their target price on shares of Microchip Technology from $116.00 to $111.00 and set an “overweight” rating on the stock in a report on Friday, August 10th. Finally, Morgan Stanley dropped their target price on shares of Microchip Technology from $98.00 to $95.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company. Microchip Technology has a consensus rating of “Hold” and a consensus target price of $105.11.
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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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