Xact Kapitalforvaltning AB raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 15.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,587 shares of the semiconductor company’s stock after buying an additional 4,120 shares during the period. Xact Kapitalforvaltning AB’s holdings in Microchip Technology were worth $2,438,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Duncker Streett & Co. Inc. raised its position in Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 503 shares in the last quarter. Advisory Services Network LLC acquired a new position in Microchip Technology during the first quarter valued at about $135,000. Webster Bank N. A. raised its position in Microchip Technology by 67.8% in the first quarter. Webster Bank N. A. now owns 1,980 shares of the semiconductor company’s stock valued at $146,000 after buying an additional 800 shares in the last quarter. Harbour Capital Advisors LLC acquired a new position in Microchip Technology during the first quarter valued at about $173,000. Finally, Global X Management Co. LLC raised its position in Microchip Technology by 29.0% in the first quarter. Global X Management Co. LLC now owns 2,570 shares of the semiconductor company’s stock valued at $190,000 after buying an additional 578 shares in the last quarter. 98.67% of the stock is owned by institutional investors.
Microchip Technology Incorporated (MCHP) traded up 3.48% during midday trading on Friday, hitting $83.49. The company’s stock had a trading volume of 5,018,898 shares. The firm has a market cap of $19.15 billion, a P/E ratio of 118.43 and a beta of 1.06. Microchip Technology Incorporated has a 12 month low of $55.84 and a 12 month high of $87.49. The company’s 50 day moving average price is $80.29 and its 200 day moving average price is $76.10.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 36.27%. The firm had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. During the same quarter in the previous year, the firm posted $0.84 EPS. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. Analysts expect that Microchip Technology Incorporated will post $4.96 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be given a dividend of $0.362 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 17th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.73%. Microchip Technology’s payout ratio is presently 77.54%.
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Several equities analysts have recently issued reports on the company. B. Riley reaffirmed a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Monday, May 8th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $94.00 target price on shares of Microchip Technology in a report on Friday. BidaskClub lowered Microchip Technology from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Credit Suisse Group reiterated a “buy” rating on shares of Microchip Technology in a research note on Friday. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Microchip Technology in a research note on Friday. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $86.00.
In related news, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the transaction, the vice president now owns 14,263 shares in the company, valued at approximately $1,145,176.27. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,510 shares of Microchip Technology stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $201,527.90. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
Microchip Technology Company Profile
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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