Los Angeles Capital Management & Equity Research Inc. boosted its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 3,353.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 116,158 shares of the semiconductor company’s stock after buying an additional 112,794 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Microchip Technology were worth $9,636,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc boosted its stake in shares of Microchip Technology by 0.9% in the third quarter. Vanguard Group Inc now owns 26,236,361 shares of the semiconductor company’s stock valued at $2,070,312,000 after buying an additional 237,329 shares in the last quarter. Dodge & Cox purchased a new stake in shares of Microchip Technology in the third quarter valued at approximately $827,774,000. Northern Trust Corp boosted its stake in shares of Microchip Technology by 3.8% in the fourth quarter. Northern Trust Corp now owns 3,306,865 shares of the semiconductor company’s stock valued at $237,828,000 after buying an additional 121,647 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Microchip Technology by 4.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,164,119 shares of the semiconductor company’s stock valued at $227,564,000 after buying an additional 134,749 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $155,541,000.
A number of analysts recently weighed in on MCHP shares. Rosenblatt Securities restated a “buy” rating and issued a $115.00 price target on shares of Microchip Technology in a research note on Monday, February 11th. BidaskClub upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. TheStreet raised Microchip Technology from a “c+” rating to a “b-” rating in a report on Thursday, February 21st. BMO Capital Markets reduced their price objective on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Finally, Mizuho lifted their price objective on Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $104.32.
In related news, Director L B. Day sold 3,500 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $84.82, for a total value of $296,870.00. Following the completion of the transaction, the director now directly owns 9,238 shares in the company, valued at $783,567.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP James Eric Bjornholt sold 2,188 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $80.99, for a total value of $177,206.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,044 shares of company stock valued at $684,326. Insiders own 2.13% of the company’s stock.
Shares of NASDAQ MCHP traded down $0.12 during trading on Wednesday, reaching $81.83. The company had a trading volume of 2,461,453 shares, compared to its average volume of 2,922,696. Microchip Technology Inc. has a twelve month low of $60.70 and a twelve month high of $104.20. The stock has a market cap of $19.39 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 1.10 and a beta of 1.31. The company has a quick ratio of 0.63, a current ratio of 0.93 and a debt-to-equity ratio of 1.69.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.08. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the firm posted $1.40 earnings per share. The business’s revenue for the quarter was up 32.6% compared to the same quarter last year. As a group, analysts anticipate that Microchip Technology Inc. will post 5.61 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 21st will be issued a $0.3655 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.79%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, May 20th. Microchip Technology’s payout ratio is 24.01%.
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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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