Avestar Capital LLC boosted its holdings in Microchip Technology Inc. (NASDAQ:MCHP) by 6,407.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,466 shares of the semiconductor company’s stock after purchasing an additional 5,382 shares during the quarter. Avestar Capital LLC’s holdings in Microchip Technology were worth $499,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Westchester Capital Management Inc. grew its position in Microchip Technology by 0.7% in the 4th quarter. Westchester Capital Management Inc. now owns 104,009 shares of the semiconductor company’s stock valued at $9,140,000 after purchasing an additional 765 shares during the period. Quadrature Capital Ltd acquired a new stake in Microchip Technology in the 4th quarter valued at $2,577,000. State of Alaska Department of Revenue grew its position in Microchip Technology by 176.3% in the 4th quarter. State of Alaska Department of Revenue now owns 32,467 shares of the semiconductor company’s stock valued at $2,851,000 after purchasing an additional 20,717 shares during the period. The Manufacturers Life Insurance Company grew its position in Microchip Technology by 33.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 344,263 shares of the semiconductor company’s stock valued at $30,254,000 after purchasing an additional 86,077 shares during the period. Finally, Brookmont Capital Management grew its position in Microchip Technology by 34.4% in the 4th quarter. Brookmont Capital Management now owns 67,492 shares of the semiconductor company’s stock valued at $5,931,000 after purchasing an additional 17,280 shares during the period.
Several analysts recently issued reports on MCHP shares. Stifel Nicolaus reissued an “average” rating and issued a $112.00 price target on shares of Microchip Technology in a research report on Tuesday, March 6th. Goldman Sachs Group raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $95.57 to $108.00 in a report on Thursday, March 8th. Rosenblatt Securities reaffirmed a “buy” rating on shares of Microchip Technology in a report on Tuesday, March 6th. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $92.00 to $110.00 in a report on Monday, March 5th. Finally, Bank of America cut their price objective on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, February 7th. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $104.61.
In other news, VP Stephen V. Drehobl sold 4,696 shares of Microchip Technology stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total transaction of $439,310.80. Following the sale, the vice president now directly owns 19,711 shares in the company, valued at approximately $1,843,964.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,308 shares of Microchip Technology stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $215,913.40. The disclosure for this sale can be found here. Insiders have sold a total of 34,403 shares of company stock worth $3,260,302 over the last quarter. Company insiders own 2.13% of the company’s stock.
Microchip Technology opened at $94.85 on Friday, according to MarketBeat.com. The firm has a market cap of $22.17 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. Microchip Technology Inc. has a one year low of $75.80 and a one year high of $101.48. The company has a current ratio of 1.66, a quick ratio of 1.43 and a debt-to-equity ratio of 0.54.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 EPS for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.13. The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $984.80 million. Microchip Technology had a return on equity of 38.62% and a net margin of 6.41%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.16 EPS. sell-side analysts forecast that Microchip Technology Inc. will post 5.57 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 4th. Stockholders of record on Monday, May 21st will be paid a dividend of $0.3635 per share. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.53%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Friday, May 18th.
About Microchip Technology
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; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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