Korea Investment CORP boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 7.1% during the second quarter, Holdings Channel reports. The institutional investor owned 629,950 shares of the semiconductor company’s stock after buying an additional 41,579 shares during the period. Korea Investment CORP’s holdings in Microchip Technology were worth $48,620,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. First Midwest Bank Trust Division raised its stake in shares of Microchip Technology by 2.7% in the first quarter. First Midwest Bank Trust Division now owns 5,287 shares of the semiconductor company’s stock worth $390,000 after buying an additional 137 shares in the last quarter. Glaxis Capital Management LLC purchased a new stake in shares of Microchip Technology during the first quarter worth $9,940,000. Retirement Systems of Alabama raised its stake in shares of Microchip Technology by 2.2% in the first quarter. Retirement Systems of Alabama now owns 104,618 shares of the semiconductor company’s stock worth $7,719,000 after buying an additional 2,230 shares in the last quarter. UMB Bank N A MO purchased a new stake in shares of Microchip Technology during the first quarter worth $228,000. Finally, Nicolet Bankshares Inc. raised its stake in shares of Microchip Technology by 0.3% in the second quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock worth $281,000 after buying an additional 11 shares in the last quarter. Institutional investors and hedge funds own 98.67% of the company’s stock.
Microchip Technology Incorporated (MCHP) opened at 83.49 on Friday. The firm has a market capitalization of $19.15 billion, a P/E ratio of 118.43 and a beta of 1.06. Microchip Technology Incorporated has a 52 week low of $54.81 and a 52 week high of $87.49. The stock has a 50 day moving average price of $80.29 and a 200-day moving average price of $76.10.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 36.27%. The business had revenue of $972.10 million during the quarter, compared to analyst estimates of $944.87 million. During the same period last year, the business posted $0.84 earnings per share. Microchip Technology’s quarterly revenue was up 21.6% compared to the same quarter last year. Analysts anticipate that Microchip Technology Incorporated will post $4.96 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be issued a $0.362 dividend. The ex-dividend date of this dividend is Thursday, August 17th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.73%. Microchip Technology’s dividend payout ratio (DPR) is 77.54%.
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A number of equities research analysts recently weighed in on MCHP shares. ValuEngine lowered Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, June 1st. Stifel Nicolaus lifted their target price on Microchip Technology from $77.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, April 7th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Microchip Technology in a report on Monday, July 10th. Needham & Company LLC reaffirmed a “strong-buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Wednesday, May 10th. Finally, Citigroup Inc. set a $95.00 target price on Microchip Technology and gave the stock a “buy” rating in a report on Wednesday, May 10th. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and an average target price of $86.00.
In other Microchip Technology news, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the sale, the vice president now directly owns 14,263 shares in the company, valued at $1,145,176.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,510 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $201,527.90. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
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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