Flinton Capital Management LLC boosted its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 8.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,456 shares of the semiconductor company’s stock after buying an additional 864 shares during the period. Flinton Capital Management LLC’s holdings in Microchip Technology were worth $845,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Glaxis Capital Management LLC purchased a new position in Microchip Technology during the first quarter valued at about $9,940,000. Franklin Street Advisors Inc. NC purchased a new position in Microchip Technology during the first quarter valued at about $232,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in Microchip Technology by 7.4% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 628,906 shares of the semiconductor company’s stock valued at $39,080,000 after buying an additional 43,578 shares during the last quarter. Gulf International Bank UK Ltd increased its position in Microchip Technology by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 66,547 shares of the semiconductor company’s stock valued at $4,909,000 after buying an additional 1,000 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado increased its position in Microchip Technology by 18.1% in the third quarter. Public Employees Retirement Association of Colorado now owns 903,086 shares of the semiconductor company’s stock valued at $56,118,000 after buying an additional 138,572 shares during the last quarter.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, May 9th. The semiconductor company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.10. Microchip Technology had a net margin of 3.10% and a return on equity of 30.26%. The business had revenue of $902.70 million for the quarter, compared to analyst estimates of $891.14 million. During the same period in the previous year, the business posted $0.70 earnings per share. The business’s revenue was up 61.9% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 6th. Stockholders of record on Tuesday, May 23rd will be paid a dividend of $0.3615 per share. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.82%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Friday, May 19th. Microchip Technology’s payout ratio is 378.95%.
Several equities analysts recently issued reports on MCHP shares. Needham & Company LLC reissued a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Friday, March 10th. Zacks Investment Research raised Microchip Technology from a “sell” rating to a “hold” rating and set a $82.00 price target on the stock in a research report on Friday, February 10th. Stifel Nicolaus increased their price target on Microchip Technology from $77.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, April 7th. Summit Redstone raised Microchip Technology from a “hold” rating to a “buy” rating and increased their price target for the stock from $65.00 to $82.00 in a research report on Tuesday, April 4th. Finally, Citigroup Inc set a $85.00 price target on Microchip Technology and gave the stock a “buy” rating in a research report on Wednesday, February 8th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $80.67.
In other news, CEO Steve Sanghi sold 54,368 shares of the business’s stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $74.34, for a total transaction of $4,041,717.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 4,268 shares of the company’s stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $72.55, for a total transaction of $309,643.40. Following the transaction, the vice president now owns 13,710 shares in the company, valued at $994,660.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,229 shares of company stock worth $6,913,482. Company insiders own 2.50% 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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