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%.
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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