Gulf International Bank UK Ltd boosted its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 2.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,479 shares of the semiconductor company’s stock after purchasing an additional 1,500 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Microchip Technology were worth $5,956,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. M. Kraus & Co increased its holdings in Microchip Technology by 70.3% in the third quarter. M. Kraus & Co now owns 43,995 shares of the semiconductor company’s stock valued at $3,472,000 after purchasing an additional 18,160 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Microchip Technology in the second quarter valued at about $34,037,000. BKD Wealth Advisors LLC increased its holdings in Microchip Technology by 4.5% in the third quarter. BKD Wealth Advisors LLC now owns 45,917 shares of the semiconductor company’s stock valued at $3,623,000 after purchasing an additional 1,982 shares during the last quarter. Tredje AP fonden bought a new stake in Microchip Technology in the second quarter valued at about $2,321,000. Finally, Exane Derivatives increased its holdings in Microchip Technology by 63.7% in the third quarter. Exane Derivatives now owns 40,838 shares of the semiconductor company’s stock valued at $3,221,000 after purchasing an additional 15,890 shares during the last quarter.
Shares of Microchip Technology stock opened at $72.13 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96. The stock has a market capitalization of $16.56 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 0.77 and a beta of 1.24. Microchip Technology Inc. has a 1 year low of $60.70 and a 1 year high of $104.20.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.03. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. Microchip Technology had a return on equity of 37.96% and a net margin of 0.59%. Microchip Technology’s quarterly revenue was up 49.5% on a year-over-year basis. During the same period last year, the company earned $1.41 earnings per share. On average, research analysts predict that Microchip Technology Inc. will post 6.36 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 5th. Investors of record on Wednesday, November 21st will be issued a dividend of $0.3645 per share. The ex-dividend date of this dividend is Tuesday, November 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 dividend on an annualized basis and a dividend yield of 2.02%. Microchip Technology’s dividend payout ratio (DPR) is presently 28.13%.
MCHP has been the subject of a number of recent analyst reports. Nomura assumed coverage on Microchip Technology in a report on Wednesday, July 18th. They issued a “buy” rating and a $110.00 price objective for the company. BidaskClub downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, July 26th. Piper Jaffray Companies increased their price target on Microchip Technology from $110.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Zacks Investment Research downgraded Microchip Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 1st. Finally, KeyCorp lowered their price target on Microchip Technology from $116.00 to $111.00 and set an “overweight” rating for the company in a report on Friday, August 10th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $105.11.
In related news, CFO James Eric Bjornholt sold 1,887 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $159,130.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 3,998 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total value of $337,151.34. Following the transaction, the vice president now owns 16,931 shares of the company’s stock, valued at $1,427,791.23. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.
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About Microchip Technology
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; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
Further Reading: Return on Equity (ROE)
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