First Trust Advisors LP reduced its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,058,165 shares of the semiconductor company’s stock after selling 14,690 shares during the quarter. First Trust Advisors LP’s holdings in Microchip Technology were worth $98,314,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in MCHP. Meeder Asset Management Inc. acquired a new stake in shares of Microchip Technology in the 2nd quarter valued at about $37,000. TCI Wealth Advisors Inc. boosted its position in shares of Microchip Technology by 118.0% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 447 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 242 shares during the period. Spectrum Management Group Inc. boosted its position in shares of Microchip Technology by 127.1% in the 2nd quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 253 shares during the period. Oakworth Capital Inc. acquired a new stake in shares of Microchip Technology in the 2nd quarter valued at about $40,000. Finally, Coastal Investment Advisors Inc. boosted its position in shares of Microchip Technology by 74.9% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 502 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 215 shares during the period.
A number of analysts recently issued reports on the company. B. Riley decreased their target price on Microchip Technology from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday. Piper Jaffray Companies reissued a “buy” rating on shares of Microchip Technology in a research report on Friday, October 25th. Zacks Investment Research cut Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 target price for the company. in a research report on Thursday, July 25th. Morgan Stanley upped their target price on Microchip Technology from $84.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Needham & Company LLC upped their target price on Microchip Technology to $110.00 and gave the company an “in-line” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Microchip Technology presently has a consensus rating of “Buy” and an average price target of $105.66.
MCHP opened at $96.21 on Friday. The business has a 50 day moving average price of $94.12 and a two-hundred day moving average price of $90.20. The company has a quick ratio of 0.63, a current ratio of 0.93 and a debt-to-equity ratio of 1.65. The company has a market cap of $23.81 billion, a PE ratio of 15.82, a P/E/G ratio of 1.83 and a beta of 1.44. Microchip Technology Inc. has a 52 week low of $65.67 and a 52 week high of $101.57.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $1.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.13. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.35 billion. Microchip Technology had a return on equity of 25.74% and a net margin of 7.15%. The firm’s revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.81 EPS. As a group, sell-side analysts expect that Microchip Technology Inc. will post 5.21 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.366 per share. This represents a $1.46 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Wednesday, November 20th. Microchip Technology’s dividend payout ratio is presently 24.01%.
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.
Further Reading: Stocks at 52 Week High
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