8,731 Shares in Microchip Technology Incorporated (MCHP) Purchased by Pinebridge Investments L.P.

Pinebridge Investments L.P. acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,731 shares of the semiconductor company’s stock, valued at approximately $783,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Amica Retiree Medical Trust acquired a new position in Microchip Technology during the 3rd quarter worth approximately $121,000. Benjamin F. Edwards & Company Inc. grew its holdings in Microchip Technology by 608.4% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after acquiring an additional 1,807 shares in the last quarter. Commonwealth Bank of Australia grew its holdings in Microchip Technology by 1.4% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after acquiring an additional 29 shares in the last quarter. Dorsey & Whitney Trust CO LLC acquired a new position in Microchip Technology during the 3rd quarter worth approximately $205,000. Finally, Adviser Investments LLC acquired a new position in Microchip Technology during the 3rd quarter worth approximately $217,000.

In related news, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the completion of the sale, the vice president now owns 15,767 shares in the company, valued at approximately $1,445,203.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

MCHP has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a report on Friday, November 10th. Jefferies Group boosted their price target on shares of Microchip Technology from $106.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, November 7th. J P Morgan Chase & Co reiterated an “overweight” rating and set a $120.00 price target on shares of Microchip Technology in a report on Tuesday, November 7th. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating in a report on Wednesday, November 1st. Finally, Credit Suisse Group reiterated an “outperform” rating and set a $110.00 price target (up previously from $95.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Five 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 stock. Microchip Technology has a consensus rating of “Buy” and an average target price of $99.41.

Microchip Technology Incorporated (NASDAQ:MCHP) opened at $87.41 on Monday. Microchip Technology Incorporated has a twelve month low of $62.21 and a twelve month high of $95.92. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71. The stock has a market cap of $20,445.67, a price-to-earnings ratio of 18.52, a PEG ratio of 1.40 and a beta of 1.00.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.14. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the business posted $0.94 EPS. The company’s revenue for the quarter was up 16.2% on a year-over-year basis. sell-side analysts expect that Microchip Technology Incorporated will post 5.12 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st were given a $0.3625 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Monday, November 20th. This represents a $1.45 annualized dividend and a yield of 1.66%. Microchip Technology’s dividend payout ratio is 58.00%.

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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.

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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