Torch Wealth Management LLC trimmed its holdings in Microchip Technology Inc. (NASDAQ:MCHP) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,050 shares of the semiconductor company’s stock after selling 400 shares during the period. Torch Wealth Management LLC’s holdings in Microchip Technology were worth $1,998,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. Osborn Williams & Donohoe LLC acquired a new position in shares of Microchip Technology during the first quarter worth about $31,000. Parkside Financial Bank & Trust boosted its position in shares of Microchip Technology by 65.3% during the first quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock worth $36,000 after buying an additional 171 shares during the period. Gemmer Asset Management LLC boosted its position in shares of Microchip Technology by 186.5% during the first quarter. Gemmer Asset Management LLC now owns 487 shares of the semiconductor company’s stock worth $40,000 after buying an additional 317 shares during the period. Zions Bancorporation N.A. acquired a new position in shares of Microchip Technology during the first quarter worth about $43,000. Finally, Coastal Investment Advisors Inc. boosted its position in shares of Microchip Technology by 74.9% during the second quarter. Coastal Investment Advisors Inc. now owns 502 shares of the semiconductor company’s stock worth $43,000 after buying an additional 215 shares during the period.
In other Microchip Technology news, VP James Eric Bjornholt sold 2,188 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 2.21% of the stock is owned by corporate insiders.
NASDAQ:MCHP traded down $0.78 on Thursday, hitting $86.13. The company’s stock had a trading volume of 60,096 shares, compared to its average volume of 2,368,169. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.93 and a quick ratio of 0.63. The firm has a fifty day moving average of $90.86. The company has a market cap of $20.78 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 1.34 and a beta of 1.41. Microchip Technology Inc. has a one year low of $60.70 and a one year high of $101.35.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.16. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 27.79% and a net margin of 6.79%. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.61 earnings per share. On average, equities research analysts anticipate that Microchip Technology Inc. will post 5.27 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st will be paid a $0.366 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, August 20th. This represents a $1.46 annualized dividend and a yield of 1.70%. Microchip Technology’s dividend payout ratio is currently 24.01%.
MCHP has been the topic of several analyst reports. BidaskClub lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, August 6th. B. Riley upped their target price on Microchip Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, May 6th. ValuEngine lowered Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Piper Jaffray Companies set a $110.00 target price on Microchip Technology and gave the stock a “buy” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Co upped their target price on Microchip Technology from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $101.76.
Microchip Technology Company Profile
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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