Chase Investment Counsel Corp boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 36.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,495 shares of the semiconductor company’s stock after buying an additional 4,135 shares during the period. Chase Investment Counsel Corp’s holdings in Microchip Technology were worth $1,195,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of MCHP. Duncker Streett & Co. Inc. increased its position in Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock worth $125,000 after buying an additional 503 shares during the period. Trust Co. of Vermont boosted its stake in shares of Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Microchip Technology during the first quarter valued at $135,000. Webster Bank N. A. boosted its stake in shares of Microchip Technology by 67.8% in the first quarter. Webster Bank N. A. now owns 1,980 shares of the semiconductor company’s stock valued at $146,000 after buying an additional 800 shares during the period. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Microchip Technology during the first quarter valued at approximately $173,000. Institutional investors and hedge funds own 98.67% of the company’s stock.
Shares of Microchip Technology Incorporated (NASDAQ:MCHP) traded up 1.19% on Friday, hitting $82.21. The stock had a trading volume of 1,407,163 shares. The firm’s 50-day moving average price is $80.52 and its 200 day moving average price is $76.82. Microchip Technology Incorporated has a 52-week low of $57.52 and a 52-week high of $87.49. The firm has a market cap of $19.13 billion, a PE ratio of 44.29 and a beta of 1.06.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The business had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. During the same period in the previous year, the company earned $0.84 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, equities research analysts predict that Microchip Technology Incorporated will post $5.27 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be paid a $0.362 dividend. This represents a $1.45 dividend on an annualized basis and a yield of 1.76%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 17th. Microchip Technology’s dividend payout ratio (DPR) is 77.54%.
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A number of research firms recently issued reports on MCHP. B. Riley reiterated a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a research report on Wednesday. Mizuho reiterated a “neutral” rating and set a $84.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Wednesday. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday. Credit Suisse Group restated a “buy” rating on shares of Microchip Technology in a research report on Friday, August 4th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $94.00 target price (up from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Microchip Technology currently has a consensus rating of “Buy” and an average target price of $88.80.
In other Microchip Technology news, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the transaction, the vice president now directly owns 14,263 shares in the company, valued at $1,145,176.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,510 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $201,527.90. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.
Microchip Technology Company Profile
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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