Cadence Capital Management LLC trimmed its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 3.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,232 shares of the semiconductor company’s stock after selling 766 shares during the period. Cadence Capital Management LLC’s holdings in Microchip Technology were worth $1,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. M. Kraus & Co boosted its holdings in shares of Microchip Technology by 70.3% in the 3rd quarter. M. Kraus & Co now owns 43,995 shares of the semiconductor company’s stock valued at $3,472,000 after buying an additional 18,160 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Microchip Technology in the 2nd quarter valued at about $34,037,000. BKD Wealth Advisors LLC boosted its holdings in shares of Microchip Technology by 4.5% in the 3rd quarter. BKD Wealth Advisors LLC now owns 45,917 shares of the semiconductor company’s stock valued at $3,623,000 after buying an additional 1,982 shares in the last quarter. Tredje AP fonden bought a new stake in shares of Microchip Technology in the 2nd quarter valued at about $2,321,000. Finally, Exane Derivatives boosted its holdings in shares of Microchip Technology by 63.7% in the 3rd quarter. Exane Derivatives now owns 40,838 shares of the semiconductor company’s stock valued at $3,221,000 after buying an additional 15,890 shares in the last quarter.
In other Microchip Technology news, VP Stephen V. Drehobl sold 3,998 shares of the firm’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 completion of the transaction, the vice president now directly owns 16,931 shares of the company’s stock, valued at approximately $1,427,791.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 1,887 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was 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 company insiders.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.03. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. Microchip Technology’s revenue for the quarter was up 49.5% on a year-over-year basis. During the same period last year, the business earned $1.41 EPS. As a group, equities research analysts forecast that Microchip Technology Inc. will post 6.36 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 5th. Investors of record on Wednesday, November 21st will be paid a $0.3645 dividend. The ex-dividend date is Tuesday, November 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 dividend on an annualized basis and a yield of 2.02%. Microchip Technology’s dividend payout ratio (DPR) is 28.13%.
MCHP has been the topic of a number of recent analyst reports. Nomura lowered their price target on shares of 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 cut shares of Microchip Technology from an “outperform” rating to a “market perform” rating and set a $105.00 price target on the stock. in a report on Tuesday, September 25th. Morgan Stanley lowered their price target on shares of 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 target on shares of Microchip Technology and gave the company a “buy” rating in a report on Thursday. Finally, KeyCorp initiated coverage on shares of Microchip Technology in a report on Tuesday, September 25th. They issued a “sector weight” rating on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $105.11.
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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