First Citizens Bank & Trust Co. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,355 shares of the semiconductor company’s stock after selling 677 shares during the period. First Citizens Bank & Trust Co.’s holdings in Microchip Technology were worth $799,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Janus Capital Management LLC boosted its position in Microchip Technology by 10.3% in the first quarter. Janus Capital Management LLC now owns 7,130,689 shares of the semiconductor company’s stock worth $526,103,000 after buying an additional 666,436 shares in the last quarter. Waddell & Reed Financial Inc. boosted its position in Microchip Technology by 11.4% in the first quarter. Waddell & Reed Financial Inc. now owns 6,290,257 shares of the semiconductor company’s stock worth $464,095,000 after buying an additional 641,548 shares in the last quarter. Vanguard Group Inc. boosted its position in Microchip Technology by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,579,936 shares of the semiconductor company’s stock worth $1,665,948,000 after buying an additional 563,501 shares in the last quarter. Jennison Associates LLC boosted its position in Microchip Technology by 15,497.8% in the first quarter. Jennison Associates LLC now owns 543,270 shares of the semiconductor company’s stock worth $40,082,000 after buying an additional 539,787 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its position in Microchip Technology by 34.8% in the first quarter. Pictet Asset Management Ltd. now owns 1,466,741 shares of the semiconductor company’s stock worth $108,216,000 after buying an additional 378,272 shares in the last quarter. 98.67% of the stock is owned by institutional investors.
Shares of Microchip Technology Incorporated (NASDAQ:MCHP) traded up 3.48% during mid-day trading on Friday, hitting $83.49. 5,018,898 shares of the stock traded hands. Microchip Technology Incorporated has a 12-month low of $55.84 and a 12-month high of $87.49. The firm has a market cap of $19.15 billion, a price-to-earnings ratio of 118.43 and a beta of 1.06. The firm’s 50 day moving average price is $80.29 and its 200 day moving average price is $76.10.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping the Zacks’ 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 for the quarter, compared to analysts’ expectations of $944.87 million. During the same period in the prior year, the company posted $0.84 EPS. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, equities research analysts predict that Microchip Technology Incorporated will post $4.96 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be paid a $0.362 dividend. This represents a $1.45 dividend on an annualized basis and a yield of 1.73%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 17th. Microchip Technology’s dividend payout ratio is presently 77.54%.
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A number of research analysts have issued reports on MCHP shares. Stifel Nicolaus raised their price target on shares of Microchip Technology from $83.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, May 10th. Citigroup Inc. set a $95.00 target price on shares of Microchip Technology and gave the stock a “buy” rating in a report on Wednesday, May 10th. Needham & Company LLC reissued a “strong-buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Wednesday, May 10th. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Finally, Mizuho reissued a “neutral” rating and set a $80.00 target price (up previously from $75.00) on shares of Microchip Technology in a report on Wednesday, June 7th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus 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 transaction of $319,072.46. Following the sale, the vice president now directly owns 14,263 shares of the company’s stock, valued at approximately $1,145,176.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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. 2.13% of the stock is currently owned by corporate insiders.
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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