2,803 Shares in Microchip Technology Incorporated (MCHP) Acquired by Mirador Capital Partners LP
Mirador Capital Partners LP purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the first quarter, Holdings Channel reports. The fund purchased 2,803 shares of the semiconductor company’s stock, valued at approximately $207,000.
A number of other institutional investors also recently added to or reduced their stakes in MCHP. Duncker Streett & Co. Inc. boosted its position in Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock worth $125,000 after buying an additional 503 shares in the last quarter. Advisory Services Network LLC bought a new position in Microchip Technology during the first quarter worth $135,000. Webster Bank N. A. boosted its position in Microchip Technology by 67.8% in the first quarter. Webster Bank N. A. now owns 1,980 shares of the semiconductor company’s stock worth $146,000 after buying an additional 800 shares in the last quarter. First Personal Financial Services boosted its position in Microchip Technology by 158.9% in the first quarter. First Personal Financial Services now owns 2,760 shares of the semiconductor company’s stock worth $204,000 after buying an additional 1,694 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. bought a new position in Microchip Technology during the first quarter worth $214,000. Hedge funds and other institutional investors own 98.66% of the company’s stock.
Microchip Technology Incorporated (NASDAQ:MCHP) traded down 0.42% during midday trading on Friday, hitting $81.23. The company had a trading volume of 4,066,842 shares. The company’s 50 day moving average is $80.58 and its 200-day moving average is $72.56. The company has a market cap of $18.63 billion, a P/E ratio of 115.22 and a beta of 1.05. Microchip Technology Incorporated has a one year low of $47.81 and a one year high of $87.49.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, May 9th. The semiconductor company reported $1.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.10. Microchip Technology had a return on equity of 31.64% and a net margin of 4.83%. The company had revenue of $902.70 million for the quarter, compared to analyst estimates of $891.14 million. During the same quarter last year, the firm earned $0.70 EPS. Microchip Technology’s revenue for the quarter was up 61.9% compared to the same quarter last year. On average, equities analysts predict 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 issued a dividend of $0.3615 per share. This represents a $1.45 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend was Friday, May 19th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is presently 226.57%.
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MCHP has been the subject of a number of analyst reports. B. Riley restated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a report on Monday, May 8th. Stifel Nicolaus increased their target price on Microchip Technology from $77.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, April 7th. Summit Redstone upgraded Microchip Technology from a “hold” rating to a “buy” rating and increased their target price for the company from $65.00 to $82.00 in a research note on Tuesday, April 4th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Friday, March 10th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research note on Thursday, February 23rd. Six research 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. The stock presently has a consensus rating of “Buy” and a consensus target price of $85.25.
In other news, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $319,072.46. Following the sale, the vice president now owns 14,263 shares of the company’s stock, valued at approximately $1,145,176.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,510 shares of Microchip Technology stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $201,527.90. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.
Microchip Technology Company Profile
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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