Dynamic Technology Lab Private Ltd Takes Position in Microchip Technology Inc. (MCHP)
Dynamic Technology Lab Private Ltd acquired a new position in shares of Microchip Technology Inc. (NASDAQ:MCHP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 9,783 shares of the company’s stock, valued at approximately $496,000.
Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Microchip Technology by 8.3% in the second quarter. Vanguard Group Inc. now owns 20,394,628 shares of the company’s stock worth $1,035,230,000 after buying an additional 1,558,859 shares in the last quarter. Norges Bank purchased a new stake in Microchip Technology during the fourth quarter worth about $71,235,000. Bank of Montreal Can purchased a new stake in Microchip Technology during the second quarter worth about $25,177,000. Franklin Resources Inc. raised its stake in Microchip Technology by 35.6% in the first quarter. Franklin Resources Inc. now owns 1,815,649 shares of the company’s stock worth $87,513,000 after buying an additional 476,901 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in Microchip Technology by 28.8% in the second quarter. Schroder Investment Management Group now owns 1,957,191 shares of the company’s stock worth $99,346,000 after buying an additional 437,512 shares in the last quarter. Institutional investors own 99.09% of the company’s stock.
Microchip Technology Inc. (NASDAQ:MCHP) opened at 60.74 on Tuesday. The firm has a market cap of $13.08 billion, a P/E ratio of 163.72 and a beta of 1.08. Microchip Technology Inc. has a one year low of $39.01 and a one year high of $63.11. The stock’s 50 day moving average is $60.05 and its 200 day moving average is $52.68.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, August 8th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The firm earned $799.40 million during the quarter, compared to analysts’ expectations of $821.41 million. Microchip Technology had a return on equity of 24.87% and a net margin of 3.28%. The company’s revenue was up 58.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.69 earnings per share. On average, equities research analysts expect that Microchip Technology Inc. will post $3.41 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd were given a dividend of $0.36 per share. The ex-dividend date was Thursday, August 18th. This represents a $1.44 dividend on an annualized basis and a yield of 2.38%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is presently 400.00%.
MCHP has been the topic of a number of analyst reports. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. JPMorgan Chase & Co. lifted their price objective on shares of Microchip Technology from $60.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, August 9th. Stifel Nicolaus lifted their price objective on shares of Microchip Technology from $60.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. Zacks Investment Research lowered shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 7th. Finally, Citigroup Inc. lifted their price objective on shares of Microchip Technology from $54.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Microchip Technology currently has an average rating of “Buy” and a consensus target price of $59.34.
In other news, CEO Steve Sanghi sold 60,129 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $60.58, for a total transaction of $3,642,614.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,461 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $60.95, for a total value of $149,997.95. The disclosure for this sale can be found here. Company insiders own 2.50% 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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