Westchester Capital Management Inc. boosted its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 0.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 101,652 shares of the semiconductor company’s stock after acquiring an additional 940 shares during the quarter. Microchip Technology accounts for approximately 3.6% of Westchester Capital Management Inc.’s holdings, making the stock its 18th biggest holding. Westchester Capital Management Inc.’s holdings in Microchip Technology were worth $8,433,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of MCHP. Norges Bank purchased a new position in Microchip Technology during the fourth quarter valued at approximately $155,541,000. Oregon Public Employees Retirement Fund increased its holdings in Microchip Technology by 7,043.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 1,815,732 shares during the period. Partner Fund Management L.P. purchased a new position in Microchip Technology during the fourth quarter valued at approximately $74,257,000. Frontier Capital Management Co. LLC acquired a new stake in Microchip Technology in the first quarter valued at approximately $79,283,000. Finally, TD Asset Management Inc. boosted its stake in Microchip Technology by 26.5% in the fourth quarter. TD Asset Management Inc. now owns 1,167,775 shares of the semiconductor company’s stock valued at $83,986,000 after acquiring an additional 244,680 shares in the last quarter.
In other Microchip Technology news, VP James Eric Bjornholt sold 2,356 shares of Microchip Technology stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $89.24, for a total value of $210,249.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director L B. Day sold 3,500 shares of Microchip Technology stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $84.82, for a total transaction of $296,870.00. Following the completion of the transaction, the director now directly owns 9,238 shares of the company’s stock, valued at approximately $783,567.16. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.
NASDAQ MCHP traded down $1.02 on Friday, reaching $84.06. 44,696 shares of the company’s stock traded hands, compared to its average volume of 2,820,448. The company has a market capitalization of $20.04 billion, a PE ratio of 13.86, a P/E/G ratio of 1.14 and a beta of 1.31. Microchip Technology Inc. has a fifty-two week low of $60.70 and a fifty-two week high of $104.20. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.93 and a quick ratio of 0.63.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.08. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 6.65% and a return on equity of 29.27%. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.40 earnings per share. Research analysts expect that Microchip Technology Inc. will post 5.61 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Tuesday, May 21st will be issued a $0.3655 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, May 20th. This represents a $1.46 dividend on an annualized basis and a yield of 1.74%. Microchip Technology’s payout ratio is presently 24.01%.
Several brokerages have weighed in on MCHP. Rosenblatt Securities restated a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a research note on Monday, May 6th. B. Riley raised their target price on shares of Microchip Technology from $105.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, May 6th. BidaskClub downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Needham & Company LLC raised their target price on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, February 6th. Finally, Citigroup restated a “buy” rating and issued a $105.00 target price on shares of Microchip Technology in a research note on Thursday, February 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $104.32.
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About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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