Sunbelt Securities Inc. grew its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 31.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 4,302 shares of the semiconductor company’s stock after buying an additional 1,034 shares during the period. Sunbelt Securities Inc.’s holdings in Microchip Technology were worth $391,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Fort Washington Investment Advisors Inc. OH purchased a new position in shares of Microchip Technology in the 1st quarter worth about $489,000. Wasatch Advisors Inc. boosted its holdings in shares of Microchip Technology by 30.5% in the 1st quarter. Wasatch Advisors Inc. now owns 18,400 shares of the semiconductor company’s stock worth $1,681,000 after buying an additional 4,300 shares during the last quarter. Villere ST Denis J & Co. LLC boosted its holdings in shares of Microchip Technology by 2.1% in the 1st quarter. Villere ST Denis J & Co. LLC now owns 157,720 shares of the semiconductor company’s stock worth $14,409,000 after buying an additional 3,300 shares during the last quarter. Sentry Investment Management LLC purchased a new position in shares of Microchip Technology in the 1st quarter worth about $554,000. Finally, Commerzbank Aktiengesellschaft FI boosted its holdings in shares of Microchip Technology by 5.7% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 25,051 shares of the semiconductor company’s stock worth $2,289,000 after buying an additional 1,345 shares during the last quarter.
In other news, CFO James Eric Bjornholt sold 2,308 shares of the company’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total transaction of $215,913.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Ganesh Moorthy purchased 12,000 shares of the firm’s stock in a transaction dated Tuesday, August 14th. The shares were bought at an average price of $84.10 per share, for a total transaction of $1,009,200.00. The disclosure for this purchase can be found here. Corporate insiders own 2.13% of the company’s stock.
MCHP has been the topic of a number of research analyst reports. BidaskClub raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a report on Friday, August 10th. Rosenblatt Securities reissued a “buy” rating and issued a $125.00 price target on shares of Microchip Technology in a report on Sunday, August 12th. ValuEngine downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Morgan Stanley boosted their price target on shares of Microchip Technology from $96.00 to $97.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 9th. Finally, Zacks Investment Research downgraded shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $115.76.
NASDAQ MCHP opened at $82.18 on Monday. The stock has a market cap of $20.59 billion, a price-to-earnings ratio of 15.83, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13. Microchip Technology Inc. has a 52 week low of $78.33 and a 52 week high of $104.20. The company has a current ratio of 1.32, a quick ratio of 0.80 and a debt-to-equity ratio of 1.96.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $0.13. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.21 billion. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The company’s revenue was up 24.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.31 earnings per share. analysts anticipate that Microchip Technology Inc. will post 6.18 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Tuesday, August 21st will be issued a dividend of $0.364 per share. The ex-dividend date of this dividend is Monday, August 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 annualized dividend and a yield of 1.77%. Microchip Technology’s dividend payout ratio is 27.94%.
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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