Westchester Capital Management Inc. increased its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 0.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 105,527 shares of the semiconductor company’s stock after acquiring an additional 615 shares during the period. Microchip Technology comprises 3.8% of Westchester Capital Management Inc.’s holdings, making the stock its 14th largest position. Westchester Capital Management Inc.’s holdings in Microchip Technology were worth $9,805,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in MCHP. Meeder Asset Management Inc. purchased a new stake in Microchip Technology in the second quarter worth about $37,000. Spectrum Management Group Inc. grew its holdings in Microchip Technology by 127.1% in the second quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 253 shares during the period. Oakworth Capital Inc. purchased a new stake in Microchip Technology in the second quarter worth about $40,000. TCI Wealth Advisors Inc. grew its holdings in Microchip Technology by 118.0% in the third quarter. TCI Wealth Advisors Inc. now owns 447 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 242 shares during the period. Finally, Coastal Investment Advisors Inc. grew its holdings in Microchip Technology by 74.9% in the second quarter. Coastal Investment Advisors Inc. now owns 502 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 215 shares during the period.
A number of brokerages have weighed in on MCHP. Wells Fargo & Co cut their price objective on shares of Microchip Technology from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Wednesday. B. Riley cut their price objective on shares of Microchip Technology from $120.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday. Morgan Stanley upped their price objective on shares of Microchip Technology from $84.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday. Raymond James upgraded shares of Microchip Technology from a “market perform” rating to a “strong-buy” rating and set a $115.00 price objective on the stock in a report on Wednesday, October 30th. Finally, Citigroup increased their price target on shares of Microchip Technology from $104.00 to $109.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $105.66.
In other news, VP Richard J. Simoncic sold 3,437 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $304,518.20. Following the sale, the vice president now directly owns 18,178 shares in the company, valued at approximately $1,610,570.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,937 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $171,618.20. The disclosure for this sale can be found here. 2.21% of the stock is owned by company insiders.
Shares of NASDAQ:MCHP traded up $0.85 during trading on Friday, reaching $96.21. 1,777,500 shares of the stock traded hands, compared to its average volume of 2,568,865. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.63 and a current ratio of 0.93. Microchip Technology Inc. has a 52-week low of $65.67 and a 52-week high of $101.57. The stock has a market cap of $23.81 billion, a P/E ratio of 15.82, a price-to-earnings-growth ratio of 1.83 and a beta of 1.44. The stock has a 50-day moving average of $94.12 and a two-hundred day moving average of $90.20.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.13. Microchip Technology had a net margin of 7.15% and a return on equity of 25.74%. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period last year, the firm earned $1.81 earnings per share. The company’s quarterly revenue was down 6.6% on a year-over-year basis. Sell-side analysts expect that Microchip Technology Inc. will post 5.21 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.366 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.46 annualized dividend and a dividend yield of 1.52%. Microchip Technology’s payout ratio is 24.01%.
Microchip Technology 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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