Probity Advisors Inc. decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,004 shares of the semiconductor company’s stock after selling 273 shares during the period. Microchip Technology makes up about 1.0% of Probity Advisors Inc.’s holdings, making the stock its 22nd largest position. Probity Advisors Inc.’s holdings in Microchip Technology were worth $2,779,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in MCHP. Trust Co. of Vermont boosted its stake in 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 last quarter. Duncker Streett & Co. Inc. boosted its stake 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 valued at $125,000 after buying an additional 503 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Microchip Technology during the first quarter valued at $135,000. Webster Bank N. A. boosted its stake in 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 last quarter. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Microchip Technology during the first quarter worth approximately $173,000. Hedge funds and other institutional investors own 98.67% of the company’s stock.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at 81.58 on Friday. The firm’s 50-day moving average price is $81.03 and its 200-day moving average price is $77.35. Microchip Technology Incorporated has a one year low of $57.52 and a one year high of $87.49. The firm has a market capitalization of $18.99 billion, a P/E ratio of 43.95 and a beta of 1.06.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The firm had revenue of $972.10 million for the quarter, compared to analysts’ expectations of $944.87 million. During the same quarter 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 analysts forecast that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be given a $0.362 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 17th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.77%. Microchip Technology’s payout ratio is presently 77.54%.
A number of research analysts have recently commented on the company. B. Riley reiterated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Monday, May 8th. BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. Mizuho reiterated a “neutral” rating and issued a $84.00 price target (up from $80.00) on shares of Microchip Technology in a research note on Wednesday, August 9th. Jefferies Group LLC reiterated a “buy” rating and issued a $94.00 price target (up from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. Finally, Raymond James Financial, Inc. assumed coverage on Microchip Technology in a research note on Friday, June 16th. They issued an “outperform” rating and a $95.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $88.80.
In related news, VP Stephen V. Drehobl sold 3,974 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the transaction, the vice president now owns 14,263 shares in the company, valued at $1,145,176.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total transaction of $109,135.00. The disclosure for this sale can be found here. Insiders sold 7,784 shares of company stock worth $629,735 in the last 90 days. Corporate 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.
Receive News & Ratings for Microchip Technology Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.