Westover Capital Advisors LLC increased its position in Microchip Technology Inc. (NASDAQ:MCHP) by 14.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,123 shares of the semiconductor company’s stock after acquiring an additional 2,710 shares during the quarter. Westover Capital Advisors LLC’s holdings in Microchip Technology were worth $1,856,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Zions Bancorporation boosted its position in shares of Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after acquiring an additional 836 shares during the period. Amica Retiree Medical Trust bought a new position in shares of Microchip Technology in the third quarter valued at approximately $121,000. Valeo Financial Advisors LLC bought a new position in shares of Microchip Technology in the third quarter valued at approximately $146,000. Twin Tree Management LP boosted its position in shares of Microchip Technology by 126.2% in the fourth quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock valued at $194,000 after acquiring an additional 10,646 shares during the period. Finally, SeaCrest Wealth Management LLC bought a new position in shares of Microchip Technology in the fourth quarter valued at approximately $198,000.
A number of equities analysts have recently commented on the stock. Rosenblatt Securities restated a “buy” rating on shares of Microchip Technology in a research report on Tuesday, March 6th. Stifel Nicolaus restated an “average” rating and issued a $112.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 6th. BidaskClub upgraded shares of Microchip Technology from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 2nd. Goldman Sachs upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their price objective for the company from $95.57 to $108.00 in a research report on Thursday, March 8th. Finally, Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their price objective for the company from $92.00 to $110.00 in a research report on Monday, March 5th. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $103.04.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.01. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The business had revenue of $994.10 million during the quarter, compared to analyst estimates of $992.10 million. During the same period in the previous year, the business posted $1.05 earnings per share. Microchip Technology’s revenue for the quarter was up 19.1% on a year-over-year basis. equities research analysts anticipate that Microchip Technology Inc. will post 5.13 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 6th. Stockholders of record on Wednesday, February 21st were issued a $0.363 dividend. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.47%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Tuesday, February 20th. Microchip Technology’s payout ratio is presently 149.49%.
In other news, CEO Steve Sanghi sold 20,124 shares of the business’s stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $94.80, for a total value of $1,907,755.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,109 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $84.18, for a total transaction of $177,535.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,667 shares of company stock valued at $3,132,552. Company insiders own 2.13% of the company’s stock.
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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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