Boston Private Wealth LLC lifted its stake in Microchip Technology Incorporated (NASDAQ: MCHP – Get Rating) by 92.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 96,473 shares of the semiconductor company stock after acquiring an additional 46,380 shares during the quarter. Boston Private Wealth LLC’s holdings in Microchip Technology were worth $ 8,399,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also modified their holdings of MCHP. HighTower Advisors LLC boosted its position in Microchip Technology by 46.1% during the third quarter. HighTower Advisors LLC now owns 17,442 shares of the semiconductor company stock worth $ 2,675,000 after purchasing an additional 5,504 shares in the last quarter. Man Group plc lifted its position in shares of Microchip Technology by 39.2% in the third quarter. Man Group plc now owns 86,952 shares of the semiconductor company stock valued at $ 13,347,000 after acquiring an additional 24,487 shares in the last quarter. Laurion Capital Management LP lifted its position in shares of Microchip Technology by 1,076.7% in the third quarter. Laurion Capital Management LP now owns 26,594 shares of the semiconductor company stock valued at $ 4,082,000 after acquiring an additional 24,334 shares in the last quarter. Voya Financial Advisors Inc. lifted its position in shares of Microchip Technology by 21.4% in the third quarter. Voya Financial Advisors Inc. now owns 2,970 shares of the semiconductor company stock valued at $ 455,000 after acquiring an additional 524 shares in the last quarter. Finally, United Capital Financial Advisers LLC lifted its position in shares of Microchip Technology by 5.1% in the third quarter. United Capital Financial Advisers LLC now owns 19,618 shares of the semiconductor company stock valued at $ 1,506,000 after acquiring an additional 949 shares in the last quarter. Institutional investors own 89.36% of the company stock.
Several research firms have recently weighed in on MCHP. Truist Financial decreased their target price on Microchip Technology from $ 94.00 to $ 79.00 and set a “buy” rating on the stock in a research report on Friday, April 8th. UBS Group raised their target price on Microchip Technology from $ 98.00 to $ 105.00 and gave the company a “buy” rating in a research report on Wednesday, March 9th. BMO Capital Markets cut their price target on Microchip Technology from $ 95.00 to $ 85.00 in a report on Tuesday, May 10th. B. Riley cut their price target on Microchip Technology from $ 105.00 to $ 85.00 in a report on Tuesday, May 10th. Finally, Mizuho cut their price target on Microchip Technology from $ 75.00 to $ 72.00 in a report on Tuesday, May 10th. Five research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company stock. According to data from MarketBeat, Microchip Technology has a consensus rating of “Buy” and a consensus target price of $ 93.90.
Shares of NASDAQ MCHP opened at $ 59.98 on Tuesday. Microchip Technology Incorporated has a twelve month low of $ 59.84 and a twelve month high of $ 90.00. The company has a current ratio of 1.75, a quick ratio of 1.14 and a debt-to-equity ratio of 1.30. The stock has a fifty day simple moving average of $ 67.68 and a 200-day simple moving average of $ 74.54. The stock has a market capitalization of $ 33.26 billion, a PE ratio of 26.48, a PEG ratio of 0.57 and a beta of 1.55.
Microchip Technology (NASDAQ: MCHP – Get Rating) last issued its quarterly earnings data on Monday, May 9th. The semiconductor company reported $ 1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $ 1.17 by $ 0.09. Microchip Technology had a return on equity of 41.89% and a net margin of 18.85%. The business had revenue of $ 1.84 billion during the quarter, compared to analysts’ expectations of $ 1.82 billion. During the same period in the previous year, the firm posted $ 0.82 earnings per share. The company revenue was up 25.6% on a year-over-year basis. On average, equities analysts predict that Microchip Technology Incorporated will post 5.14 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 3rd. Stockholders of record on Friday, May 20th were paid a $ 0.276 dividend. The ex-dividend date of this dividend was Thursday, May 19th. This is a boost from Microchip Technology’s previous quarterly dividend of $ 0.25. This represents a $ 1.10 dividend on an annualized basis and a dividend yield of 1.84%. Microchip Technology’s payout ratio is presently 48.57%.
In related news, VP Mitchell R. Little sold 3,674 shares of Microchip Technology stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $ 66.66, for a total value of $ 244,908.84. Following the completion of the transaction, the vice president now directly owns 13,056 shares in the company, valued at $ 870,312.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Karlton D. Johnson sold 594 shares of Microchip Technology stock in a transaction on Friday, May 13th. The shares were sold at an average price of $ 67.35, for a total value of $ 40,005.90. The disclosure for this sale can be found here. Insiders sold 9,564 shares of company stock valued at $ 637,217 over the last ninety days. Insiders own 2.03% of the company stock.
About Microchip Technology: (Get Rating)
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
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