Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 229.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 147,935 shares of the semiconductor company’s stock after purchasing an additional 103,004 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Microchip Technology were worth $11,674,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the 3rd quarter worth $116,000. Psagot Investment House Ltd. acquired a new stake in Microchip Technology during the second quarter valued at $125,000. Canada Pension Plan Investment Board boosted its position in Microchip Technology by 14,030.0% during the second quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after purchasing an additional 1,403 shares during the last quarter. Spirit of America Management Corp NY boosted its position in Microchip Technology by 95.2% during the third quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock valued at $162,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Homrich & Berg acquired a new stake in Microchip Technology during the second quarter valued at $202,000.
Shares of NASDAQ:MCHP opened at $74.33 on Monday. Microchip Technology Inc. has a fifty-two week low of $60.70 and a fifty-two week high of $104.20. The stock has a market capitalization of $17.58 billion, a price-to-earnings ratio of 14.32, a P/E/G ratio of 0.92 and a beta of 1.24. The company has a quick ratio of 0.64, a current ratio of 1.04 and a debt-to-equity ratio of 1.85.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.03. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Microchip Technology had a return on equity of 35.00% and a net margin of 0.59%. The business’s quarterly revenue was up 49.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.41 earnings per share. As a group, analysts predict that Microchip Technology Inc. will post 5.98 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 5th. Stockholders of record on Wednesday, November 21st will be paid a $0.3645 dividend. The ex-dividend date of this dividend is Tuesday, November 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.96%. Microchip Technology’s payout ratio is presently 28.13%.
MCHP has been the subject of a number of research reports. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $115.00 to $95.00 in a research report on Monday, September 17th. Morgan Stanley reduced their price objective on Microchip Technology from $98.00 to $95.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 3rd. ValuEngine cut Microchip Technology from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 18th. Raymond James cut Microchip Technology from an “outperform” rating to a “market perform” rating and set a $105.00 price objective for the company. in a research report on Tuesday, September 25th. Finally, Cfra reissued a “buy” rating and set a $110.00 price objective on shares of Microchip Technology in a research report on Wednesday, September 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $104.42.
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Microchip Technology Company Profile
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; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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