Greenleaf Trust lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,927 shares of the semiconductor company’s stock after selling 128 shares during the period. Greenleaf Trust’s holdings in Microchip Technology were worth $1,229,000 as of its most recent filing with the SEC.
Several other institutional investors also recently bought and sold shares of MCHP. GW&K Investment Management LLC increased its position in Microchip Technology by 2.0% in the first quarter. GW&K Investment Management LLC now owns 791,993 shares of the semiconductor company’s stock valued at $58,433,000 after buying an additional 15,525 shares during the period. Chesley Taft & Associates LLC increased its position in shares of Microchip Technology by 7.1% in the first quarter. Chesley Taft & Associates LLC now owns 12,713 shares of the semiconductor company’s stock valued at $938,000 after buying an additional 838 shares during the last quarter. Stock Yards Bank & Trust Co. acquired a new position in shares of Microchip Technology during the first quarter valued at about $214,000. Creative Planning increased its position in shares of Microchip Technology by 19.3% in the first quarter. Creative Planning now owns 6,993 shares of the semiconductor company’s stock valued at $516,000 after buying an additional 1,129 shares during the last quarter. Finally, Raymond James Trust N.A. increased its position in shares of Microchip Technology by 3.1% in the first quarter. Raymond James Trust N.A. now owns 19,120 shares of the semiconductor company’s stock valued at $1,410,000 after buying an additional 574 shares during the last quarter. Institutional investors and hedge funds own 98.67% of the company’s stock.
Shares of Microchip Technology Incorporated (MCHP) traded up 1.19% during mid-day trading on Friday, hitting $82.21. The stock had a trading volume of 1,407,163 shares. The company has a market cap of $19.13 billion, a P/E ratio of 44.29 and a beta of 1.06. Microchip Technology Incorporated has a 1-year low of $57.52 and a 1-year high of $87.49. The firm’s 50 day moving average price is $80.52 and its 200 day moving average price is $76.82.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.17. The company had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the business posted $0.84 EPS. Analysts predict that Microchip Technology Incorporated will post $5.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be paid a $0.362 dividend. The ex-dividend date is Thursday, August 17th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a dividend yield of 1.76%. Microchip Technology’s dividend payout ratio (DPR) is currently 77.54%.
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Several brokerages have issued reports on MCHP. Credit Suisse Group reiterated an “outperform” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, June 7th. Mizuho reiterated a “neutral” rating and issued a $80.00 price objective (up previously from $75.00) on shares of Microchip Technology in a research report on Wednesday, June 7th. BidaskClub raised Microchip Technology from a “hold” rating to a “buy” rating in a research note on Wednesday. B. Riley reissued a “buy” rating and issued a $120.00 target price on shares of Microchip Technology in a research note on Wednesday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $102.00 target price (up from $100.00) on shares of Microchip Technology in a research note on Tuesday, June 6th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $88.80.
In other news, CFO James Eric Bjornholt sold 2,510 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $201,527.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the sale, the vice president now owns 14,263 shares of the company’s stock, valued at $1,145,176.27. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
About Microchip Technology
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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