Nicholas Investment Partners LP reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 39.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,082 shares of the semiconductor company’s stock after selling 27,530 shares during the quarter. Nicholas Investment Partners LP’s holdings in Microchip Technology were worth $3,778,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Argent Trust Co bought a new stake in shares of Microchip Technology in the 3rd quarter worth approximately $224,000. Financial Counselors Inc. boosted its position in shares of Microchip Technology by 19.8% in the 3rd quarter. Financial Counselors Inc. now owns 20,147 shares of the semiconductor company’s stock worth $1,809,000 after purchasing an additional 3,325 shares in the last quarter. National Planning Corp bought a new stake in shares of Microchip Technology in the 3rd quarter worth approximately $279,000. BB&T Investment Services Inc. boosted its position in shares of Microchip Technology by 23.7% in the 3rd quarter. BB&T Investment Services Inc. now owns 16,267 shares of the semiconductor company’s stock worth $1,476,000 after purchasing an additional 3,115 shares in the last quarter. Finally, Pinebridge Investments L.P. bought a new stake in shares of Microchip Technology in the 3rd quarter worth approximately $783,000.
MCHP has been the topic of a number of analyst reports. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Friday, November 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Microchip Technology in a research report on Friday, September 8th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $110.00 price objective (up from $95.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, November 1st. Finally, SunTrust Banks reaffirmed a “hold” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Thursday, October 12th. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Microchip Technology has a consensus rating of “Buy” and an average target price of $99.41.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.14. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The company’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS. equities analysts anticipate that Microchip Technology Incorporated will post 5.12 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be paid a dividend of $0.3625 per share. The ex-dividend date is Monday, November 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a yield of 1.68%. Microchip Technology’s payout ratio is currently 58.00%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,801 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $261,414.32. Following the sale, the vice president now owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.
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Microchip Technology 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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