Alps Advisors Inc. grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 99.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,305 shares of the semiconductor company’s stock after buying an additional 6,646 shares during the period. Alps Advisors Inc.’s holdings in Microchip Technology were worth $1,195,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Grove Bank & Trust increased its position in Microchip Technology by 15.8% during the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after buying an additional 190 shares in the last quarter. Smithfield Trust Co. increased its position in Microchip Technology by 0.4% during the second 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 increased its position in Microchip Technology by 1.4% during the second 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. increased its position in Microchip Technology by 608.4% during the third 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 purchased a new position in Microchip Technology during the second quarter worth $201,000.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at $91.02 on Tuesday. Microchip Technology Incorporated has a 1 year low of $60.77 and a 1 year high of $95.92. The company has a debt-to-equity ratio of 0.85, a quick ratio of 2.71 and a current ratio of 3.33. The stock has a market capitalization of $21,416.38, a PE ratio of 19.40, a price-to-earnings-growth ratio of 1.46 and a beta of 1.05.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the business earned $0.94 earnings per share. The firm’s quarterly revenue was up 16.2% compared to the same quarter last year. equities research analysts forecast that Microchip Technology Incorporated will post 5.12 EPS for the current year.
The business also recently disclosed 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. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Monday, November 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 58.00%.
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A number of brokerages have recently commented on MCHP. Mizuho reaffirmed a “neutral” rating and issued a $84.00 price objective (up previously from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. Morgan Stanley reaffirmed an “overweight” rating and issued a $94.00 price objective on shares of Microchip Technology in a research report on Wednesday, September 20th. Needham & Company LLC lifted their price objective on Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a research report on Tuesday, November 7th. ValuEngine downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday, September 30th. Finally, BidaskClub downgraded Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Five 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. The stock currently has a consensus rating of “Buy” and an average target price of $99.41.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total transaction of $200,876.17. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 3,076 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $251,893.64. Following the transaction, 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 own 2.13% of the company’s stock.
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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