Westfield Capital Management Co. LP Sells 360 Shares of Microchip Technology Incorporated (MCHP)

Westfield Capital Management Co. LP reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,595 shares of the semiconductor company’s stock after selling 360 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Microchip Technology were worth $4,368,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Smithfield Trust Co. grew its holdings in Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after purchasing an additional 7 shares during the last quarter. Keel Point LLC grew its holdings in Microchip Technology by 0.3% in the first quarter. Keel Point LLC now owns 3,575 shares of the semiconductor company’s stock worth $264,000 after purchasing an additional 11 shares during the last quarter. Nicolet Bankshares Inc. grew its holdings in Microchip Technology by 0.3% in the second quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock worth $281,000 after purchasing an additional 11 shares during the last quarter. Mission Wealth Management LLC grew its holdings in Microchip Technology by 0.7% in the first quarter. Mission Wealth Management LLC now owns 3,616 shares of the semiconductor company’s stock worth $267,000 after purchasing an additional 26 shares during the last quarter. Finally, Commonwealth Bank of Australia grew its holdings in Microchip Technology by 1.4% in the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after purchasing an additional 29 shares during the last quarter. 98.68% of the stock is currently owned by institutional investors and hedge funds.

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) opened at 90.98 on Wednesday. The stock’s 50 day moving average is $84.85 and its 200-day moving average is $79.71. Microchip Technology Incorporated has a one year low of $57.52 and a one year high of $91.83. The stock has a market capitalization of $21.17 billion, a price-to-earnings ratio of 49.02 and a beta of 1.04.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. During the same period last year, the business earned $0.84 EPS. Microchip Technology’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 fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Monday, August 21st were paid a dividend of $0.362 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.59%. The ex-dividend date was Thursday, August 17th. Microchip Technology’s dividend payout ratio (DPR) is currently 77.54%.

Several research firms have issued reports on MCHP. B. Riley reaffirmed a “buy” rating and issued a $120.00 price target on shares of Microchip Technology in a report on Friday, August 4th. Mizuho reaffirmed a “neutral” rating and issued a $84.00 price target (up from $80.00) on shares of Microchip Technology in a report on Wednesday, August 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $120.00 price target on shares of Microchip Technology in a report on Tuesday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $94.00 price target (up from $92.00) on shares of Microchip Technology in a report on Friday, August 4th. Finally, BidaskClub raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $88.80.

In related news, CFO James Eric Bjornholt sold 2,453 shares of Microchip Technology stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $200,876.17. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total transaction of $251,893.64. Following the sale, the vice president now owns 14,263 shares in the company, valued at $1,167,997.07. The disclosure for this sale can be found here. Insiders have sold a total of 6,829 shares of company stock worth $561,905 over the last quarter. 2.13% of the stock is owned by company insiders.

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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.

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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