IFM Investors Pty Ltd grew its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 55.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,727 shares of the semiconductor company’s stock after purchasing an additional 9,522 shares during the period. IFM Investors Pty Ltd’s holdings in Microchip Technology were worth $2,483,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new position in Microchip Technology in the second quarter worth about $37,000. Spectrum Management Group Inc. grew its position in Microchip Technology by 127.1% in the second quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 253 shares in the last quarter. Oakworth Capital Inc. purchased a new position in Microchip Technology in the second quarter worth about $40,000. TCI Wealth Advisors Inc. grew its position in Microchip Technology by 118.0% in the third quarter. TCI Wealth Advisors Inc. now owns 447 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 242 shares in the last quarter. Finally, Coastal Investment Advisors Inc. grew its position in Microchip Technology by 74.9% in the second quarter. Coastal Investment Advisors Inc. now owns 502 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 215 shares in the last quarter.
Shares of Microchip Technology stock traded down $0.36 on Friday, hitting $95.00. 34,202 shares of the company traded hands, compared to its average volume of 1,835,717. The stock’s 50 day moving average price is $94.05 and its 200-day moving average price is $90.21. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65. Microchip Technology Inc. has a 52 week low of $65.67 and a 52 week high of $101.57. The company has a market cap of $23.81 billion, a PE ratio of 15.67, a PEG ratio of 1.83 and a beta of 1.44.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.13. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.35 billion. Microchip Technology had a net margin of 7.15% and a return on equity of 25.74%. The company’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.81 earnings per share. As a group, research analysts anticipate that Microchip Technology Inc. will post 5.21 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 21st will be paid a $0.366 dividend. This represents a $1.46 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date is Wednesday, November 20th. Microchip Technology’s dividend payout ratio (DPR) is 24.01%.
In related news, CFO James Eric Bjornholt sold 1,937 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 value of $171,618.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Richard J. Simoncic sold 3,437 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $304,518.20. Following the completion of the transaction, the vice president now directly owns 18,178 shares of the company’s stock, valued at approximately $1,610,570.80. The disclosure for this sale can be found here. Insiders own 2.21% of the company’s stock.
MCHP has been the subject of several analyst reports. Cowen decreased their price objective on shares of Microchip Technology from $90.00 to $89.00 and set a “market perform” rating for the company in a research note on Wednesday. BidaskClub raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note on Thursday. Piper Jaffray Companies reissued a “buy” rating on shares of Microchip Technology in a research note on Friday, October 25th. Wells Fargo & Co decreased their price objective on shares of Microchip Technology from $115.00 to $110.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, B. Riley decreased their price objective on shares of Microchip Technology from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $103.53.
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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