Yellowstone Partners LLC acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,310 shares of the semiconductor company’s stock, valued at approximately $207,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Commonwealth Bank of Australia grew its stake in shares of Microchip Technology by 1.4% in the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after purchasing an additional 29 shares in the last quarter. Girard Partners LTD. grew its stake in shares of Microchip Technology by 0.9% in the second quarter. Girard Partners LTD. now owns 3,731 shares of the semiconductor company’s stock worth $288,000 after purchasing an additional 33 shares in the last quarter. Meiji Yasuda Life Insurance Co grew its stake in shares of Microchip Technology by 0.6% in the second quarter. Meiji Yasuda Life Insurance Co now owns 16,221 shares of the semiconductor company’s stock worth $1,252,000 after purchasing an additional 100 shares in the last quarter. Keel Point LLC grew its stake in shares of Microchip Technology by 3.3% in the second quarter. Keel Point LLC now owns 3,694 shares of the semiconductor company’s stock worth $285,000 after purchasing an additional 119 shares in the last quarter. Finally, Global X Management Co. LLC grew its stake in shares of Microchip Technology by 4.7% in the second quarter. Global X Management Co. LLC now owns 2,690 shares of the semiconductor company’s stock worth $208,000 after purchasing an additional 120 shares in the last quarter.
Several research analysts have recently issued reports on the company. Morgan Stanley increased their price target on Microchip Technology from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Wednesday. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Friday, November 10th. Jefferies Group raised their target price on Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, November 7th. Finally, B. Riley reaffirmed a “buy” rating and set a $123.00 target price (up previously from $120.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and a consensus price target of $99.71.
Shares of Microchip Technology Incorporated (MCHP) opened at $85.47 on Friday. Microchip Technology Incorporated has a fifty-two week low of $62.21 and a fifty-two week high of $95.92. The company has a market capitalization of $20,110.00, a price-to-earnings ratio of 18.19, a PEG ratio of 1.37 and a beta of 0.99. The company has a current ratio of 3.33, a quick ratio of 2.71 and a debt-to-equity ratio of 0.85.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, November 6th. The semiconductor company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.27 by $0.14. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the business posted $0.94 earnings per share. Microchip Technology’s revenue was up 16.2% compared to the same quarter last year. sell-side analysts anticipate that Microchip Technology Incorporated will post 5.12 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st were paid a $0.3625 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.70%. The ex-dividend date was Monday, November 20th. Microchip Technology’s dividend payout ratio is currently 58.00%.
In related news, CFO James Eric Bjornholt sold 1,801 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $165,079.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was 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 directly owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.
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About Microchip Technology
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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