Zweig DiMenna Associates LLC lifted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 54.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,100 shares of the semiconductor company’s stock after buying an additional 1,800 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in Microchip Technology were worth $458,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Grove Bank & Trust increased its position in Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after purchasing an additional 190 shares during the period. Trust Co. of Vermont increased its position 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 worth $125,000 after purchasing an additional 136 shares during the period. Smithfield Trust Co. increased its position 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 period. Commonwealth Bank of Australia increased its position 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 period. Finally, Benjamin F. Edwards & Company Inc. increased its position in Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after purchasing an additional 1,807 shares during the period.
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Shares of Microchip Technology Incorporated (NASDAQ MCHP) traded up $0.75 on Monday, hitting $91.56. The company had a trading volume of 1,827,100 shares, compared to its average volume of 2,562,826. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71. Microchip Technology Incorporated has a 1-year low of $60.77 and a 1-year high of $95.92. The firm has a market cap of $21,310.00, a price-to-earnings ratio of 19.40, a PEG ratio of 1.46 and a beta of 1.05.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.14. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the firm earned $0.94 EPS. Microchip Technology’s quarterly revenue was up 16.2% compared to the same quarter last year. research analysts anticipate that Microchip Technology Incorporated will post 5.12 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st will be given a $0.3625 dividend. The ex-dividend date of this dividend is Monday, November 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a dividend yield of 1.58%. Microchip Technology’s payout ratio is currently 58.00%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $200,876.17. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 3,076 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the sale, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The disclosure for this sale can be found here. Insiders sold a total of 6,829 shares of company stock valued at $561,905 over the last quarter. 2.13% of the stock is owned by insiders.
A number of analysts recently commented on the company. B. Riley reiterated a “buy” rating and issued a $120.00 price objective on shares of Microchip Technology in a research report on Wednesday, August 9th. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $120.00 price objective on shares of Microchip Technology in a research report on Tuesday, November 7th. Mizuho reiterated a “neutral” rating and issued a $84.00 price objective (up from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. Jefferies Group LLC lifted their price objective on Microchip Technology from $106.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, November 7th. Finally, BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $99.41.
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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