State Treasurer State of Michigan lessened its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 16.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,972 shares of the semiconductor company’s stock after selling 11,300 shares during the period. State Treasurer State of Michigan’s holdings in Microchip Technology were worth $4,939,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of MCHP. City Holding Co. increased its position in shares of Microchip Technology by 1.9% in the 1st quarter. City Holding Co. now owns 43,610 shares of the semiconductor company’s stock valued at $3,618,000 after acquiring an additional 801 shares during the period. Advisory Services Network LLC increased its position in shares of Microchip Technology by 42.8% in the 1st quarter. Advisory Services Network LLC now owns 3,068 shares of the semiconductor company’s stock valued at $254,000 after acquiring an additional 920 shares during the period. Norway Savings Bank increased its position in shares of Microchip Technology by 22.3% in the 1st quarter. Norway Savings Bank now owns 17,150 shares of the semiconductor company’s stock valued at $1,423,000 after acquiring an additional 3,125 shares during the period. Enlightenment Research LLC increased its position in shares of Microchip Technology by 316.7% in the 1st quarter. Enlightenment Research LLC now owns 2,500 shares of the semiconductor company’s stock valued at $207,000 after acquiring an additional 1,900 shares during the period. Finally, Hallmark Capital Management Inc. grew its position in Microchip Technology by 1.5% during the 1st quarter. Hallmark Capital Management Inc. now owns 206,641 shares of the semiconductor company’s stock worth $17,143,000 after purchasing an additional 3,130 shares during the period.
MCHP has been the topic of several analyst reports. BMO Capital Markets cut their price target on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Zacks Investment Research downgraded Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 price target on the stock. in a research report on Thursday, July 25th. B. Riley increased their price target on Microchip Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. ValuEngine downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Mizuho increased their price target on Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $102.84.
Shares of MCHP stock traded down $3.34 during mid-day trading on Friday, hitting $87.46. 58,955 shares of the stock were exchanged, compared to its average volume of 2,199,008. The stock’s fifty day moving average price is $90.52. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93. Microchip Technology Inc. has a 52-week low of $60.70 and a 52-week high of $101.35. The company has a market capitalization of $20.25 billion, a P/E ratio of 14.40, a PEG ratio of 1.14 and a beta of 1.41.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.16. Microchip Technology had a net margin of 6.79% and a return on equity of 27.90%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the company posted $1.61 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities research analysts anticipate that Microchip Technology Inc. will post 5.56 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Stockholders of record on Wednesday, August 21st will be paid a dividend of $0.366 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. This represents a $1.46 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Tuesday, August 20th. Microchip Technology’s dividend payout ratio is presently 24.01%.
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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