Ellevest Inc. increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 9.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,997 shares of the semiconductor company’s stock after purchasing an additional 499 shares during the quarter. Ellevest Inc.’s holdings in Microchip Technology were worth $451,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Avity Investment Management Inc. acquired a new stake in shares of Microchip Technology during the fourth quarter worth about $226,000. Redpoint Investment Management Pty Ltd lifted its holdings in shares of Microchip Technology by 100.0% during the fourth quarter. Redpoint Investment Management Pty Ltd now owns 14,372 shares of the semiconductor company’s stock worth $1,251,000 after purchasing an additional 7,186 shares during the period. NEXT Financial Group Inc lifted its holdings in shares of Microchip Technology by 88.0% during the fourth quarter. NEXT Financial Group Inc now owns 18,272 shares of the semiconductor company’s stock worth $1,591,000 after purchasing an additional 8,555 shares during the period. Robeco Schweiz AG lifted its holdings in shares of Microchip Technology by 102.3% during the fourth quarter. Robeco Schweiz AG now owns 171,565 shares of the semiconductor company’s stock worth $14,936,000 after purchasing an additional 86,744 shares during the period. Finally, Green Alpha Advisors LLC lifted its holdings in shares of Microchip Technology by 102.4% during the fourth quarter. Green Alpha Advisors LLC now owns 13,412 shares of the semiconductor company’s stock worth $1,168,000 after purchasing an additional 6,787 shares during the period. 89.36% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently weighed in on the company. Mizuho reduced their price target on Microchip Technology from $75.00 to $72.00 in a research report on Tuesday, May 10th. Bank of America reduced their price target on Microchip Technology from $85.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday. B. Riley reduced their price target on Microchip Technology from $85.00 to $78.00 and set a “buy” rating for the company in a research report on Wednesday, June 15th. The Goldman Sachs Group lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and set a $79.00 target price on the stock. in a research note on Sunday, March 27th. Finally, Wells Fargo & Company lowered their target price on shares of Microchip Technology from $80.00 to $70.00 in a research note on Tuesday, May 10th. Four analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.20.
Shares of NASDAQ:MCHP opened at $58.05 on Thursday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.75 and a quick ratio of 1.14. The business’s 50-day moving average price is $65.74 and its 200-day moving average price is $72.49. The firm has a market capitalization of $32.19 billion, a PE ratio of 25.63, a P/E/G ratio of 0.54 and a beta of 1.55. Microchip Technology Incorporated has a 1 year low of $56.24 and a 1 year high of $90.00.
Microchip Technology (NASDAQ:MCHP – Get Rating) last issued its quarterly earnings results on Monday, May 9th. The semiconductor company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.09. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. Microchip Technology had a return on equity of 41.89% and a net margin of 18.85%. The business’s revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.82 earnings per share. As a group, analysts expect that Microchip Technology Incorporated will post 5.14 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 3rd. Shareholders of record on Friday, May 20th were paid a dividend of $0.276 per share. The ex-dividend date was Thursday, May 19th. This represents a $1.10 dividend on an annualized basis and a yield of 1.90%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.25. Microchip Technology’s payout ratio is 48.57%.
In other news, VP Mitchell R. Little sold 3,674 shares of Microchip Technology stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $66.66, for a total transaction of $244,908.84. Following the sale, the vice president now owns 13,056 shares of the company’s stock, valued at approximately $870,312.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Mitchell R. Little sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 19th. The shares were sold at an average price of $66.29, for a total transaction of $130,591.30. Following the sale, the vice president now directly owns 16,730 shares in the company, valued at approximately $1,109,031.70. The disclosure for this sale can be found here. Insiders have sold 9,564 shares of company stock worth $637,217 in the last three months. 2.03% of the stock is currently owned by corporate insiders.
Microchip Technology Profile: (Get Rating)
Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessor 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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