TLP Group LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,100 shares of the semiconductor company’s stock, valued at approximately $376,000.
A number of other large investors have also added to or reduced their stakes in the company. Hilltop Holdings Inc. raised its stake in Microchip Technology by 0.7% in the fourth quarter. Hilltop Holdings Inc. now owns 6,529 shares of the semiconductor company’s stock worth $419,000 after buying an additional 48 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Microchip Technology by 0.7% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,383 shares of the semiconductor company’s stock valued at $794,000 after buying an additional 87 shares during the last quarter. Honkamp Krueger Financial Services Inc. increased its stake in Microchip Technology by 0.9% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 10,591 shares of the semiconductor company’s stock worth $781,000 after buying an additional 99 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Microchip Technology by 1.8% in the first quarter. Municipal Employees Retirement System of Michigan now owns 6,970 shares of the semiconductor company’s stock worth $514,000 after buying an additional 120 shares in the last quarter. Finally, First Midwest Bank Trust Division boosted its stake in shares of 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. Institutional investors and hedge funds own 98.67% of the company’s stock.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) traded down 1.43% during midday trading on Tuesday, reaching $81.43. 526,279 shares of the company were exchanged. Microchip Technology Incorporated has a 52-week low of $47.81 and a 52-week high of $87.49. The company has a market capitalization of $18.68 billion, a PE ratio of 115.50 and a beta of 1.05. The stock’s 50-day moving average price is $80.78 and its 200-day moving average price is $72.81.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, May 9th. The semiconductor company reported $1.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.10. The firm had revenue of $902.70 million during the quarter, compared to analysts’ expectations of $891.14 million. Microchip Technology had a net margin of 4.83% and a return on equity of 31.64%. The company’s revenue was up 61.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share. Analysts anticipate that Microchip Technology Incorporated will post $4.96 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 6th. Stockholders of record on Tuesday, May 23rd were paid a $0.3615 dividend. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.75%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, May 19th. Microchip Technology’s payout ratio is presently 226.57%.
Several equities research analysts have weighed in on the company. Summit Redstone raised Microchip Technology from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $65.00 to $82.00 in a research note on Tuesday, April 4th. Mizuho reissued a “neutral” rating and issued a $80.00 price objective (up previously from $75.00) on shares of Microchip Technology in a research note on Wednesday, June 7th. B. Riley reissued a “buy” rating and issued a $115.00 price objective on shares of Microchip Technology in a research note on Sunday, June 11th. Rosenblatt Securities restated a “buy” rating and set a $102.00 target price (up previously from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Finally, Citigroup Inc. set a $95.00 price objective on Microchip Technology and gave the company a “buy” rating in a report on Wednesday, May 10th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $85.25.
In related news, CFO James Eric Bjornholt sold 2,510 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $201,527.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 3,974 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the completion of the sale, the vice president now directly 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 currently 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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