Peapack Gladstone Financial Corp boosted its stake in shares of Microchip Technology Incorporated (NASDAQ: MCHP – Get Rating) by 107.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,000 shares of the semiconductor company stock after purchasing an additional 21,797 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Microchip Technology were worth $ 3,657,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of MCHP. HighTower Advisors LLC grew its stake in shares of 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 acquiring an additional 5,504 shares during the last quarter. Man Group plc grew its stake in shares of Microchip Technology by 39.2% during the third quarter. Man Group plc now owns 86,952 shares of the semiconductor company stock worth $ 13,347,000 after acquiring an additional 24,487 shares during the last quarter. Laurion Capital Management LP grew its stake in shares of Microchip Technology by 1,076.7% during the third quarter. Laurion Capital Management LP now owns 26,594 shares of the semiconductor company stock worth $ 4,082,000 after acquiring an additional 24,334 shares during the last quarter. Voya Financial Advisors Inc. grew its stake in shares of Microchip Technology by 21.4% during the third quarter. Voya Financial Advisors Inc. now owns 2,970 shares of the semiconductor company stock worth $ 455,000 after acquiring an additional 524 shares during the last quarter. Finally, United Capital Financial Advisers LLC grew its stake in shares of Microchip Technology by 5.1% during the third quarter. United Capital Financial Advisers LLC now owns 19,618 shares of the semiconductor company stock worth $ 1,506,000 after acquiring an additional 949 shares during the last quarter. 89.36% of the stock is currently owned by institutional investors.
In related news, Director Karlton D. Johnson sold 594 shares of the stock in a transaction on Friday, May 13th. The stock was sold at an average price of $ 67.35, for a total value of $ 40,005.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mitchell R. Little sold 1,970 shares of the stock in a transaction on Thursday, May 19th. The shares were sold at an average price of $ 66.29, for a total value of $ 130,591.30. Following the completion of the transaction, the vice president now directly owns 16,730 shares of the company stock, valued at $ 1,109,031.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,564 shares of company stock valued at $ 637,217. Corporate insiders own 2.03% of the company stock.
Shares of NASDAQ: MCHP opened at $ 59.98 on Tuesday. Microchip Technology Incorporated has a 12-month low of $ 59.84 and a 12-month high of $ 90.00. The company 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. The business has a 50 day moving average of $ 67.68 and a two-hundred day moving average of $ 74.54. The company has a current ratio of 1.75, a quick ratio of 1.14 and a debt-to-equity ratio of 1.30.
Microchip Technology (NASDAQ: MCHP – Get Rating) last announced its earnings results on Monday, May 9th. The semiconductor company reported $ 1.26 earnings per share for the quarter, topping the estimate consensus of $ 1.17 by $ 0.09. The business had revenue of $ 1.84 billion during the quarter, compared to the estimate consensus of $ 1.82 billion. Microchip Technology had a return on equity of 41.89% and a net margin of 18.85%. The business’s quarterly revenue was up 25.6% on a year-over-year basis. During the same period in the prior year, the company posted $ 0.82 EPS. Equities research analysts predict that Microchip Technology Incorporated will post 5.14 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 3rd. Stockholders of record on Friday, May 20th were paid a dividend of $ 0.276 per share. This represents a $ 1.10 annualized dividend and a dividend yield of 1.84%. This is an increase from Microchip Technology’s previous quarterly dividend of $ 0.25. The ex-dividend date of this dividend was Thursday, May 19th. Microchip Technology’s dividend payout ratio is presently 48.57%.
A number of brokerages have recently weighed in on MCHP. The Goldman Sachs Group lowered Microchip Technology from a “buy” rating to a “neutral” rating and set a $ 79.00 price target on the stock. in a research note on Sunday, March 27th. Citigroup dropped their price target on Microchip Technology from $ 78.00 to $ 72.00 in a research note on Tuesday, May 10th. Truist Financial dropped 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. Morgan Stanley dropped their target price on Microchip Technology from $ 85.00 to $ 81.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, StockNews.com upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, May 17th. Five analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $ 93.90.
Microchip Technology Company Profile: (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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