Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 88.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,092 shares of the semiconductor company’s stock after buying an additional 4,273 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Microchip Technology were worth $671,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. First Midwest Bank Trust Division increased its stake in Microchip Technology by 2.7% in the first quarter. First Midwest Bank Trust Division now owns 5,287 shares of the semiconductor company’s stock valued at $390,000 after buying an additional 137 shares during the last quarter. Franklin Street Advisors Inc. NC purchased a new stake in Microchip Technology during the first quarter valued at $232,000. Glaxis Capital Management LLC purchased a new stake in Microchip Technology during the first quarter valued at $9,940,000. Retirement Systems of Alabama increased its stake in Microchip Technology by 2.2% in the first quarter. Retirement Systems of Alabama now owns 104,618 shares of the semiconductor company’s stock valued at $7,719,000 after buying an additional 2,230 shares in the last quarter. Finally, UMB Bank N A MO bought a new stake in Microchip Technology during the first quarter valued at approximately $228,000. 98.66% of the stock is owned by institutional investors and hedge funds.
Microchip Technology Incorporated (NASDAQ:MCHP) traded down 0.42% during midday trading on Friday, hitting $81.23. The company had a trading volume of 4,066,842 shares. Microchip Technology Incorporated has a 12-month low of $47.81 and a 12-month high of $87.49. The company’s 50 day moving average is $80.58 and its 200 day moving average is $72.56. The stock has a market cap of $18.63 billion, a price-to-earnings ratio of 115.22 and a beta of 1.05.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, May 9th. The semiconductor company reported $1.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.10. Microchip Technology had a return on equity of 31.64% and a net margin of 4.83%. The firm had revenue of $902.70 million for the quarter, compared to analysts’ expectations of $891.14 million. During the same quarter in the previous year, the company earned $0.70 earnings per share. The firm’s quarterly revenue was up 61.9% compared to the same quarter last year. On average, equities analysts anticipate that Microchip Technology Incorporated will post $4.96 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 6th. Investors of record on Tuesday, May 23rd were issued a dividend of $0.3615 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Friday, May 19th. This represents a $1.45 annualized dividend and a yield of 1.78%. Microchip Technology’s payout ratio is presently 226.57%.
Several analysts have commented on the company. B. Riley reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Saturday, February 18th. Raymond James Financial, Inc. assumed coverage on Microchip Technology in a research note on Friday. They set an “outperform” rating and a $95.00 price objective for the company. Stifel Nicolaus upped their price objective on Microchip Technology from $88.00 to $89.00 and gave the company a “buy” rating in a research note on Tuesday, June 6th. Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 price objective (up from $100.00) on shares of Microchip Technology in a research note on Tuesday, June 6th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, June 7th. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $85.25.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,510 shares of Microchip Technology stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $201,527.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $319,072.46. Following the completion of the transaction, the vice president now owns 14,263 shares in the company, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.
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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