Panagora Asset Management Inc. reduced its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 22.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,101 shares of the semiconductor company’s stock after selling 4,086 shares during the quarter. Panagora Asset Management Inc.’s holdings in Microchip Technology were worth $1,223,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ increased its stake in Microchip Technology by 2.8% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 47,630 shares of the semiconductor company’s stock valued at $4,130,000 after purchasing an additional 1,300 shares in the last quarter. Synovus Financial Corp increased its stake in Microchip Technology by 8.3% during the 2nd quarter. Synovus Financial Corp now owns 3,917 shares of the semiconductor company’s stock valued at $338,000 after purchasing an additional 301 shares in the last quarter. Teza Capital Management LLC bought a new stake in Microchip Technology during the 2nd quarter valued at about $1,024,000. Roosevelt Investment Group Inc. increased its stake in Microchip Technology by 0.8% during the 2nd quarter. Roosevelt Investment Group Inc. now owns 244,461 shares of the semiconductor company’s stock valued at $21,195,000 after purchasing an additional 1,995 shares in the last quarter. Finally, Knuff & Co LLC increased its stake in Microchip Technology by 6.9% during the 2nd quarter. Knuff & Co LLC now owns 11,641 shares of the semiconductor company’s stock valued at $1,009,000 after purchasing an additional 750 shares in the last quarter.
NASDAQ MCHP traded down $0.31 during trading hours on Thursday, hitting $95.11. 121,167 shares of the company’s stock traded hands, compared to its average volume of 2,700,697. The business’s fifty day moving average price is $89.50 and its two-hundred day moving average price is $88.68. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $21.87 billion, a P/E ratio of 15.56, a P/E/G ratio of 1.41 and a beta of 1.41. Microchip Technology Inc. has a 52 week low of $60.70 and a 52 week high of $101.35.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.16. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 6.79% and a return on equity of 27.79%. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.61 earnings per share. On average, sell-side analysts expect that Microchip Technology Inc. will post 5.27 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Investors of record on Wednesday, August 21st were given a dividend of $0.366 per share. This represents a $1.46 annualized dividend and a yield of 1.54%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, August 20th. Microchip Technology’s payout ratio is 24.01%.
In related news, VP Richard J. Simoncic sold 3,437 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $304,518.20. Following the completion of the sale, the vice president now directly owns 18,178 shares in the company, valued at $1,610,570.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 1,937 shares of Microchip Technology stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $171,618.20. The disclosure for this sale can be found here. Insiders own 2.21% of the company’s stock.
A number of analysts have recently commented on the stock. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Rosenblatt Securities reiterated a “buy” rating and issued a $115.00 price target on shares of Microchip Technology in a research note on Wednesday, August 7th. Needham & Company LLC set a $100.00 price target on shares of Microchip Technology and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Piper Jaffray Companies set a $110.00 price target on shares of Microchip Technology and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Finally, Zacks Investment Research lowered shares of Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 price target for the company. in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. Microchip Technology currently has a consensus rating of “Hold” and an average price target of $100.88.
Microchip Technology Company 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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