Eagle Asset Management Inc. lifted its holdings in shares of Microchip Technology (NASDAQ:MCHP) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 735,584 shares of the semiconductor company’s stock after purchasing an additional 28,068 shares during the period. Eagle Asset Management Inc. owned 0.31% of Microchip Technology worth $67,202,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Signaturefd LLC bought a new position in Microchip Technology during the first quarter worth $131,000. Twin Tree Management LP raised its stake in Microchip Technology by 126.2% during the fourth quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock worth $194,000 after buying an additional 10,646 shares during the last quarter. SeaCrest Wealth Management LLC bought a new position in Microchip Technology during the fourth quarter worth $198,000. Hyman Charles D bought a new position in Microchip Technology during the first quarter worth $201,000. Finally, Squar Milner Financial Services LLC bought a new position in Microchip Technology during the fourth quarter worth $205,000.
In other Microchip Technology news, CEO Steve Sanghi sold 20,124 shares of Microchip Technology stock in a transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wade F. Meyercord sold 5,000 shares of Microchip Technology stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $94.92, for a total transaction of $474,600.00. Following the completion of the sale, the director now directly owns 29,469 shares of the company’s stock, valued at $2,797,197.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,667 shares of company stock valued at $3,132,552. Insiders own 2.13% of the company’s stock.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.13. Microchip Technology had a net margin of 6.41% and a return on equity of 38.62%. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $984.80 million. During the same period in the previous year, the firm posted $1.16 earnings per share. The business’s revenue was up 11.0% compared to the same quarter last year. equities analysts predict that Microchip Technology will post 5.57 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 4th. Shareholders of record on Monday, May 21st will be paid a $0.3635 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 1.57%. The ex-dividend date of this dividend is Friday, May 18th.
A number of equities analysts recently weighed in on MCHP shares. BidaskClub downgraded shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 26th. Bank of America lowered their target price on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, February 7th. Morgan Stanley lowered their target price on shares of Microchip Technology from $99.00 to $96.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 7th. Argus reissued a “buy” rating and set a $90.00 target price (up previously from $79.90) on shares of Microchip Technology in a research note on Friday, February 9th. Finally, Piper Jaffray reissued an “overweight” rating and set a $68.78 target price (down previously from $110.00) on shares of Microchip Technology in a research note on Friday, March 2nd. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $104.61.
Microchip Technology 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; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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