IFP Advisors Inc Has $368,000 Position in Microchip Technology Incorporated (MCHP)
IFP Advisors Inc cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 15.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,771 shares of the semiconductor company’s stock after selling 850 shares during the period. IFP Advisors Inc’s holdings in Microchip Technology were worth $368,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of 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 during 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 during the last quarter. Atria Investments LLC raised its stake in Microchip Technology by 78.5% in the first quarter. Atria Investments LLC now owns 5,554 shares of the semiconductor company’s stock valued at $410,000 after buying an additional 2,443 shares during the last quarter. Cullinan Associates Inc. raised its stake in Microchip Technology by 22.0% in the first quarter. Cullinan Associates Inc. now owns 16,775 shares of the semiconductor company’s stock valued at $1,238,000 after buying an additional 3,025 shares during the last quarter. Finally, Regent Investment Management LLC bought a new stake in Microchip Technology during the first quarter valued at about $221,000. 98.67% of the stock is owned by institutional investors and hedge funds.
Microchip Technology Incorporated (NASDAQ MCHP) opened at 84.29 on Wednesday. The stock has a market capitalization of $19.62 billion, a P/E ratio of 45.41 and a beta of 1.06. Microchip Technology Incorporated has a 12-month low of $57.52 and a 12-month high of $87.49. The firm’s 50-day moving average price is $80.70 and its 200 day moving average price is $77.18.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm had revenue of $972.10 million for the quarter, compared to analysts’ expectations of $944.87 million. During the same period in the prior year, the firm posted $0.84 earnings per share. The firm’s quarterly revenue was up 21.6% on a year-over-year basis. On average, equities analysts anticipate that Microchip Technology Incorporated will post $5.27 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be paid a dividend of $0.362 per share. This represents a $1.45 dividend on an annualized basis and a yield of 1.72%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 17th. Microchip Technology’s dividend payout ratio is 77.54%.
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MCHP has been the subject of several analyst reports. B. Riley reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Monday, May 8th. Needham & Company LLC reissued a “strong-buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Wednesday, May 10th. Stifel Nicolaus raised their price target on Microchip Technology from $83.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Citigroup Inc. set a $95.00 price target on Microchip Technology and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Finally, ValuEngine lowered Microchip Technology from a “buy” rating to a “hold” rating in a research note on Thursday, June 1st. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $88.80.
In other Microchip Technology news, Director Wade F. Meyercord sold 1,300 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total transaction of $109,135.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 3,974 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 $319,072.46. Following the transaction, 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. Insiders have sold 7,784 shares of company stock worth $629,735 over the last 90 days. 2.13% of the stock is owned by insiders.
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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