Nissay Asset Management Corp Japan ADV lowered its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 6.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,653 shares of the semiconductor company’s stock after selling 2,661 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Microchip Technology were worth $2,958,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. City Holding Co. grew its stake in Microchip Technology by 1.9% in the first quarter. City Holding Co. now owns 43,610 shares of the semiconductor company’s stock valued at $3,618,000 after acquiring an additional 801 shares during the period. Norway Savings Bank grew its stake in Microchip Technology by 22.3% in the first quarter. Norway Savings Bank now owns 17,150 shares of the semiconductor company’s stock valued at $1,423,000 after acquiring an additional 3,125 shares during the period. JOYN Advisors Inc. grew its stake in Microchip Technology by 323.6% in the fourth quarter. JOYN Advisors Inc. now owns 610 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 466 shares during the period. Oak Asset Management LLC grew its stake in Microchip Technology by 27.3% in the fourth quarter. Oak Asset Management LLC now owns 12,468 shares of the semiconductor company’s stock valued at $897,000 after acquiring an additional 2,676 shares during the period. Finally, Sciencast Management LP acquired a new stake in Microchip Technology in the first quarter valued at approximately $1,294,000.
A number of equities research analysts have commented on MCHP shares. B. Riley raised their price objective on Microchip Technology from $105.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Rosenblatt Securities reissued a “buy” rating and issued a $115.00 price objective on shares of Microchip Technology in a research note on Monday, February 11th. ValuEngine raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Needham & Company LLC raised their price objective on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, February 6th. Finally, BidaskClub raised Microchip Technology from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $104.32.
In related news, VP James Eric Bjornholt sold 2,356 shares of Microchip Technology stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $89.24, for a total transaction of $210,249.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director L B. Day sold 3,500 shares of Microchip Technology stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $84.82, for a total value of $296,870.00. Following the sale, the director now owns 9,238 shares in the company, valued at $783,567.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,516 shares of company stock worth $931,366. 2.13% of the stock is owned by insiders.
Shares of NASDAQ:MCHP opened at $84.66 on Thursday. The company has a market cap of $20.06 billion, a P/E ratio of 13.92, a P/E/G ratio of 1.11 and a beta of 1.31. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93. Microchip Technology Inc. has a 12-month low of $60.70 and a 12-month high of $104.20.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. Microchip Technology’s quarterly revenue was up 32.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.40 earnings per share. As a group, research analysts predict that Microchip Technology Inc. will post 5.61 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 4th. Investors of record on Tuesday, May 21st will be given a dividend of $0.3655 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, May 20th. This represents a $1.46 annualized dividend and a dividend yield of 1.73%. Microchip Technology’s payout ratio is presently 24.01%.
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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; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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