Envestnet Asset Management Inc. increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,269 shares of the semiconductor company’s stock after acquiring an additional 5,708 shares during the period. Envestnet Asset Management Inc.’s holdings in Microchip Technology were worth $8,462,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of MCHP. Amica Retiree Medical Trust acquired a new position in Microchip Technology during the 3rd quarter worth $121,000. Smithfield Trust Co. lifted its holdings in Microchip Technology by 0.4% during the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after buying an additional 7 shares in the last quarter. Commonwealth Bank of Australia lifted its holdings in Microchip Technology by 1.4% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after buying an additional 29 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in Microchip Technology by 608.4% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after buying an additional 1,807 shares in the last quarter. Finally, Dearborn Partners LLC acquired a new position in Microchip Technology during the 2nd quarter worth $201,000.
Several research firms have issued reports on MCHP. Morgan Stanley reaffirmed an “overweight” rating and set a $94.00 price objective on shares of Microchip Technology in a report on Wednesday, September 20th. Needham & Company LLC upped their price objective on Microchip Technology from $120.00 to $130.00 and gave the stock a “strong-buy” rating in a report on Tuesday, November 7th. ValuEngine downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Saturday, September 30th. Zacks Investment Research downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Finally, Argus began coverage on Microchip Technology in a report on Friday, October 6th. They set a “buy” rating and a $106.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $99.41.
Microchip Technology Incorporated (MCHP) opened at $87.39 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71. The firm has a market capitalization of $20,164.98, a price-to-earnings ratio of 18.26, a PEG ratio of 1.38 and a beta of 1.00. Microchip Technology Incorporated has a 12 month low of $62.21 and a 12 month high of $95.92.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The firm’s quarterly revenue was up 16.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 EPS. sell-side analysts forecast that Microchip Technology Incorporated will post 5.12 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st were paid a $0.3625 dividend. The ex-dividend date of this dividend was Monday, November 20th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.66%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 58.00%.
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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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