Motco increased its stake in Microchip Technology Incorporated (NASDAQ: MCHP – Get Rating ) by 3.0% during the third quarter, according to the company’s most recent SEC filing. The fund owns 114,465 shares of the semiconductor company’s stock after purchasing an additional 3,346 shares during the period. Motco’s holding in Microchip Technology was valued at $6,986,000 at the end of the most recent reporting period.
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Many other hedge funds have also recently increased or decreased their stakes in MCHP. Panagora Asset Management increased its stake in Microchip Technology by 31.8% in the first quarter. Panagora Asset Management now owns 21,731 shares of the semiconductor company worth $1,633,000 after buying an additional 5,237 shares during that period. Cibc World Markets increased its holdings in Microchip Technology by 292.9% in the first quarter. Cibc World Markets now owns 44,324 shares of the semiconductor company worth $3,331,000 after purchasing an additional 33,044 shares during that period. Vontober Holdings Co., Ltd. increased its holdings of Microchip Technology by 4.1% in the first quarter. Vontober Holdings Ltd. now owns 29,572 shares of the semiconductor company worth $2,259,000 after purchasing an additional 1,159 shares during that period. Sequoia Financial Advisors LLC increased its stake in Microchip Technology stock by 34.1 percent in the first quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company, worth $335,000, after purchasing an additional 1,133 shares during the period. Finally, Loomis Sayles & Co. LP increased its stake in Microchip Technology by 1,272.4% during the first quarter. After Loomis Sayles & Co. purchased an additional 302,910 shares during that period, the LP now owns 326,717 shares of the semiconductor company’s stock, worth $24,550,000. 89.85% of shares are held by institutional investors and hedge funds.
Microchip Technology Price Performance
Shares of MCHP opened at $72.40 on Friday. The company has a market cap of $39.82 billion, a P/E ratio of 21.94, a PEG ratio of 0.81, and a beta of 1.59. The stock’s 50-day moving average is $73.80 and its 200-day moving average is $67.89. The company has a current ratio of 1.05, a quick ratio of 0.65, and a debt-to-equity ratio of 1.03. Microchip Technology Incorporated had a 52-week low of $54.33 and a 52-week high of $80.50.
Microchip Technology (NASDAQ: MCHP – Get Rating ) last reported quarterly earnings data on Thursday, November 3rd. The semiconductor company reported earnings per share (EPS) of $1.39 for the quarter, beating analysts’ consensus estimate of $1.37 by $0.02. Microchip Technology has a return on equity of 47.90% and a net profit margin of 24.14%. The business brought in $2.07 billion in revenue for the quarter, compared with analyst estimates of $2.06 billion. As a group, analysts forecast Microchip Technology Incorporated to post earnings per share of 5.66 for the year.
Microchip Technology Increases Dividend
The company also recently disclosed its quarterly dividend, which was paid on Tuesday, December 6th. On Tuesday, November 22, record investors received a dividend of $0.328 per share. The ex-dividend date for this dividend is Monday, November 21st. This translates to an annualized dividend of $1.31 and a yield of 1.81%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.30. Microchip Technology’s payout ratio currently stands at 40.06%.
Wall Street analysts forecast growth
MCHP has been the subject of many research reports. Citigroup raised their price target on Microchip Technology from $62.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com began coverage on Microchip Technology in a report on Wednesday, October 12th. They set a “buy” rating on the stock. Wells Fargo & Company cut their price target on Microchip Technology from $75.00 to $65.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 11th. Credit Suisse Group began coverage on Microchip Technology in a report on Tuesday, November 15th. They set a “neutral” rating and $85.00 price target on the stock. Finally, Morgan Stanley cut their price target on Microchip Technology from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, November 4th. Five equity research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $84.10.
Internal Activities at Microchip Technology
In related news, Director Karlton D. Johnson sold 927 shares of the company in a transaction that occurred on Monday, November 7th. The stock had an average selling price of $64.54 and a total transaction value of $59,828.58. Following the transaction, the director now owns 1,369 shares of the company, worth approximately $88,355.26. The transaction was disclosed in a legal filing with the U.S. Securities and Exchange Commission, which is available on the SEC website. Insiders own 2.00% of the company.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures and markets smart, connected and secure embedded control solutions in the Americas, Europe and Asia. The company offers general-purpose 8-bit, 16-bit, and 32-bit microcontrollers; the 32-bit embedded microprocessor market; and Dedicated microcontrollers for connectivity and wireless connectivity applications.
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