Johnston Asset Management LLC continued to hold its stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,900 shares of the semiconductor company’s stock at the end of the second quarter. Johnston Asset Management LLC’s holdings in Microchip Technology were worth $764,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Janus Capital Management LLC raised its position in Microchip Technology by 10.3% in the first quarter. Janus Capital Management LLC now owns 7,130,689 shares of the semiconductor company’s stock worth $526,103,000 after buying an additional 666,436 shares during the period. Waddell & Reed Financial Inc. raised its position in Microchip Technology by 11.4% in the first quarter. Waddell & Reed Financial Inc. now owns 6,290,257 shares of the semiconductor company’s stock worth $464,095,000 after buying an additional 641,548 shares during the period. Harbour Capital Advisors LLC raised its position in Microchip Technology by 26,055.4% in the second quarter. Harbour Capital Advisors LLC now owns 612,037 shares of the semiconductor company’s stock worth $7,930,000 after buying an additional 609,697 shares during the period. Vanguard Group Inc. raised its position in Microchip Technology by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,579,936 shares of the semiconductor company’s stock worth $1,665,948,000 after buying an additional 563,501 shares during the period. Finally, Jennison Associates LLC raised its position in Microchip Technology by 15,497.8% in the first quarter. Jennison Associates LLC now owns 543,270 shares of the semiconductor company’s stock worth $40,082,000 after buying an additional 539,787 shares during the period. 98.67% of the stock is owned by institutional investors and hedge funds.
Microchip Technology Incorporated (MCHP) traded up 1.19% on Friday, reaching $82.21. The company’s stock had a trading volume of 1,407,163 shares. The company has a 50 day moving average of $80.52 and a 200 day moving average of $76.82. The firm has a market capitalization of $19.13 billion, a price-to-earnings ratio of 44.29 and a beta of 1.06. Microchip Technology Incorporated has a 52 week low of $57.52 and a 52 week high of $87.49.
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 Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The business had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. During the same quarter last year, the firm posted $0.84 EPS. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, analysts forecast that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.
The firm 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. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Thursday, August 17th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is currently 77.54%.
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A number of research firms have recently weighed in on MCHP. B. Riley reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Microchip Technology in a research note on Wednesday. Mizuho reissued a “neutral” rating and set a $84.00 price target (up from $80.00) on shares of Microchip Technology in a research note on Wednesday. BidaskClub raised Microchip Technology from a “hold” rating to a “buy” rating in a research note on Wednesday. Credit Suisse Group reissued a “buy” rating on shares of Microchip Technology in a research note on Friday, August 4th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $94.00 price target (up from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $88.80.
In related news, CFO James Eric Bjornholt sold 2,510 shares of Microchip Technology stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $201,527.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $319,072.46. Following the sale, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
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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