LMR Partners LLP Takes Position in Microchip Technology Inc. (MCHP)
LMR Partners LLP acquired a new stake in Microchip Technology Inc. (NASDAQ:MCHP) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 5,894 shares of the semiconductor company’s stock, valued at approximately $424,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Dodge & Cox acquired a new position in Microchip Technology in the 3rd quarter valued at $827,774,000. Pictet Asset Management Ltd. raised its holdings in Microchip Technology by 163.6% in the 3rd quarter. Pictet Asset Management Ltd. now owns 3,158,240 shares of the semiconductor company’s stock valued at $249,217,000 after acquiring an additional 1,960,048 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in Microchip Technology by 7,043.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 1,815,732 shares in the last quarter. Platinum Investment Management Ltd. raised its holdings in Microchip Technology by 69.5% in the 3rd quarter. Platinum Investment Management Ltd. now owns 1,305,040 shares of the semiconductor company’s stock valued at $102,981,000 after acquiring an additional 535,040 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in Microchip Technology by 214.4% in the 3rd quarter. Fifth Third Bancorp now owns 368,236 shares of the semiconductor company’s stock valued at $29,058,000 after acquiring an additional 251,131 shares in the last quarter.
Several equities analysts have recently issued reports on the company. Needham & Company LLC lifted their price target on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, February 6th. Citigroup reiterated a “buy” rating and issued a $105.00 price target on shares of Microchip Technology in a research note on Thursday, February 7th. TheStreet upgraded Microchip Technology from a “c+” rating to a “b-” rating in a research note on Thursday, February 21st. Cowen assumed coverage on Microchip Technology in a research note on Friday, February 22nd. They issued a “market perform” rating and a $90.00 price target on the stock. Finally, BidaskClub lowered Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the stock. Microchip Technology presently has an average rating of “Buy” and an average target price of $102.17.
Shares of MCHP opened at $86.10 on Friday. The firm has a market capitalization of $20.40 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 1.09 and a beta of 1.24. Microchip Technology Inc. has a 52-week low of $60.70 and a 52-week high of $104.20. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.83 and a current ratio of 2.92.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, February 5th. The semiconductor company reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.21. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. Microchip Technology had a return on equity of 32.30% and a net margin of 6.53%. Microchip Technology’s quarterly revenue was up 42.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.36 EPS. Equities research analysts expect that Microchip Technology Inc. will post 5.89 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Thursday, February 21st were given a dividend of $0.365 per share. The ex-dividend date of this dividend was Wednesday, February 20th. This represents a $1.46 dividend on an annualized basis and a yield of 1.70%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 28.13%.
About Microchip Technology
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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