Crestline Management LP purchased a new position in shares of Microchip Technology Inc. (NASDAQ:MCHP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 32,800 shares of the semiconductor company’s stock, valued at approximately $2,882,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Zions Bancorporation boosted its position in shares of Microchip Technology by 215.5% during the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after purchasing an additional 836 shares in the last quarter. Amica Retiree Medical Trust bought a new position in shares of Microchip Technology during the third quarter worth $121,000. Valeo Financial Advisors LLC bought a new position in shares of Microchip Technology during the third quarter worth $146,000. Twin Tree Management LP boosted its position in shares of 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 purchasing an additional 10,646 shares in the last quarter. Finally, SeaCrest Wealth Management LLC bought a new position in shares of Microchip Technology during the fourth quarter worth $198,000.
Microchip Technology Inc. (NASDAQ MCHP) remained flat at $$98.03 on Wednesday. 119,773 shares of the company’s stock were exchanged, compared to its average volume of 3,352,418. The firm has a market capitalization of $23,490.55, a P/E ratio of 100.83, a PEG ratio of 1.34 and a beta of 1.08. Microchip Technology Inc. has a one year low of $71.40 and a one year high of $101.48. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 6th. Shareholders of record on Wednesday, February 21st were paid a $0.363 dividend. 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 1.48%. The ex-dividend date was Tuesday, February 20th. Microchip Technology’s payout ratio is presently 149.49%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,109 shares of Microchip Technology stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $84.18, for a total value of $177,535.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Mitchell R. Little sold 4,159 shares of Microchip Technology stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $84.14, for a total transaction of $349,938.26. Following the completion of the sale, the vice president now owns 15,767 shares in the company, valued at $1,326,635.38. The disclosure for this sale can be found here. Insiders sold a total of 31,392 shares of company stock worth $2,909,829 over the last quarter. Company insiders own 2.13% of the company’s stock.
A number of equities analysts have recently weighed in on the stock. Stifel Nicolaus reissued an “average” rating and set a $112.00 price target on shares of Microchip Technology in a research report on Tuesday, March 6th. Goldman Sachs Group raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $95.57 to $108.00 in a research report on Thursday, March 8th. Rosenblatt Securities reissued a “buy” rating on shares of Microchip Technology in a research report on Tuesday, March 6th. Zacks Investment Research cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Finally, BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 26th. Four investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $103.04.
COPYRIGHT VIOLATION NOTICE: “Crestline Management LP Purchases New Stake in Microchip Technology Inc. (MCHP)” was reported by American Banking News and is the property of of American Banking News. If you are accessing this story on another website, it was illegally copied and republished in violation of US & international copyright & trademark laws. The legal version of this story can be accessed at https://www.americanbankingnews.com/2018/03/14/crestline-management-lp-purchases-new-stake-in-microchip-technology-inc-mchp.html.
Microchip Technology 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.
Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Inc. (NASDAQ:MCHP).
Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.