State of Wisconsin Investment Board reduced its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 12.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 340,086 shares of the semiconductor company’s stock after selling 49,166 shares during the quarter. State of Wisconsin Investment Board’s holdings in Microchip Technology were worth $29,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in MCHP. Zions Bancorporation raised its stake in Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after purchasing an additional 836 shares in the last quarter. Amica Retiree Medical Trust purchased a new stake in Microchip Technology in the third quarter valued at approximately $121,000. Valeo Financial Advisors LLC purchased a new stake in Microchip Technology in the third quarter valued at approximately $146,000. Benjamin F. Edwards & Company Inc. raised its stake in Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after purchasing an additional 1,807 shares in the last quarter. Finally, SeaCrest Wealth Management LLC purchased a new stake in Microchip Technology in the fourth quarter valued at approximately $198,000.
Microchip Technology Inc. (NASDAQ:MCHP) opened at $83.41 on Monday. Microchip Technology Inc. has a 52-week low of $71.06 and a 52-week high of $99.17. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98. The company has a market cap of $19,546.56, a P/E ratio of 85.99, a price-to-earnings-growth ratio of 1.12 and a beta of 1.05.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.01. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The business had revenue of $994.10 million for the quarter, compared to analysts’ expectations of $992.10 million. During the same period last year, the business earned $1.05 earnings per share. The business’s quarterly revenue was up 19.1% on a year-over-year basis. equities research analysts predict that Microchip Technology Inc. will post 5.13 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Shareholders of record on Wednesday, February 21st will be given a dividend of $0.363 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Tuesday, February 20th. Microchip Technology’s dividend payout ratio (DPR) is presently 149.49%.
In other news, CFO James Eric Bjornholt sold 1,801 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the completion of the transaction, the vice president now owns 15,767 shares in the company, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.
A number of equities research analysts recently weighed in on the stock. Morgan Stanley lowered their target price on shares of Microchip Technology from $99.00 to $96.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 7th. Argus reaffirmed a “buy” rating and issued a $90.00 target price (up from $79.90) on shares of Microchip Technology in a research note on Friday, February 9th. Bank of America lowered their target price on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, February 7th. B. Riley reaffirmed a “buy” rating and issued a $123.00 target price (up from $120.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $100.00 target price (up from $94.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $102.35.
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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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