First Trust Advisors LP Buys 23,202 Shares of Microchip Technology Incorporated (MCHP)
First Trust Advisors LP increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,305,949 shares of the semiconductor company’s stock after buying an additional 23,202 shares during the period. First Trust Advisors LP’s holdings in Microchip Technology were worth $100,793,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Macquarie Group Ltd. raised its stake in Microchip Technology by 51.6% in the fourth quarter. Macquarie Group Ltd. now owns 72,970 shares of the semiconductor company’s stock valued at $4,681,000 after buying an additional 24,840 shares in the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in Microchip Technology by 3.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 187,579 shares of the semiconductor company’s stock valued at $13,839,000 after buying an additional 5,529 shares in the last quarter. Creative Planning raised its stake in Microchip Technology by 19.3% in the first quarter. Creative Planning now owns 6,993 shares of the semiconductor company’s stock valued at $516,000 after buying an additional 1,129 shares in the last quarter. Stock Yards Bank & Trust Co. bought a new stake in Microchip Technology during the first quarter valued at approximately $214,000. Finally, Chesley Taft & Associates LLC raised its stake in Microchip Technology by 7.1% in the first quarter. Chesley Taft & Associates LLC now owns 12,713 shares of the semiconductor company’s stock valued at $938,000 after buying an additional 838 shares in the last quarter. Institutional investors and hedge funds own 98.67% of the company’s stock.
Microchip Technology Incorporated (MCHP) opened at 81.24 on Friday. The company has a 50-day moving average price of $80.46 and a 200 day moving average price of $76.72. The firm has a market capitalization of $18.91 billion, a P/E ratio of 43.77 and a beta of 1.06. Microchip Technology Incorporated has a 1-year low of $57.52 and a 1-year high of $87.49.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.17. The company had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. Microchip Technology’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 earnings per share. Analysts expect that Microchip Technology Incorporated will post $5.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be given a dividend of $0.362 per share. This represents a $1.45 dividend on an annualized basis and a yield of 1.78%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 17th. Microchip Technology’s payout ratio is presently 77.54%.
A number of research analysts have recently issued reports on the company. B. Riley reiterated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Monday, May 8th. Needham & Company LLC reiterated a “strong-buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, May 10th. Stifel Nicolaus increased their target price on Microchip Technology from $83.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, May 10th. Citigroup Inc. set a $95.00 target price on Microchip Technology and gave the company a “buy” rating in a research report on Wednesday, May 10th. Finally, ValuEngine lowered Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, June 1st. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $88.80.
In other news, CFO James Eric Bjornholt sold 2,510 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $201,527.90. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Stephen V. Drehobl sold 3,974 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the sale, the vice president now owns 14,263 shares in the company, valued at $1,145,176.27. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by 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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