Microchip Technology Inc. (MCHP) Position Cut by HPM Partners LLC
HPM Partners LLC lessened its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 9.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,621 shares of the semiconductor company’s stock after selling 1,566 shares during the quarter. HPM Partners LLC’s holdings in Microchip Technology were worth $1,373,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Zions Bancorporation raised its stake in Microchip Technology by 215.5% during the 3rd quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after purchasing an additional 836 shares during the period. Amica Retiree Medical Trust bought a new stake in Microchip Technology during the 3rd quarter valued at approximately $121,000. Valeo Financial Advisors LLC bought a new stake in Microchip Technology during the 3rd quarter valued at approximately $146,000. Squar Milner Financial Services LLC bought a new stake in Microchip Technology during the 4th quarter valued at approximately $205,000. Finally, Twin Tree Management LP raised its stake in Microchip Technology by 126.2% during the 4th quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock valued at $194,000 after purchasing an additional 10,646 shares during the period.
In related news, CFO James Eric Bjornholt sold 2,109 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $84.18, for a total transaction of $177,535.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wade F. Meyercord sold 5,000 shares of the business’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $94.92, for a total value of $474,600.00. Following the transaction, the director now owns 29,469 shares of the company’s stock, valued at approximately $2,797,197.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,392 shares of company stock worth $2,909,829. Corporate insiders own 2.13% of the company’s stock.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The firm had revenue of $994.10 million for the quarter, compared to the consensus estimate of $992.10 million. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The company’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 EPS. analysts forecast that Microchip Technology Inc. will post 5.13 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, March 6th. Stockholders of record on Wednesday, February 21st were given a dividend of $0.363 per share. The ex-dividend date of this dividend was Tuesday, February 20th. This represents a $1.45 annualized dividend and a dividend yield of 1.45%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 149.49%.
A number of analysts have issued reports on the company. Goldman Sachs Group raised Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $95.57 to $108.00 in a research note on Thursday, March 8th. Stifel Nicolaus reaffirmed an “average” rating and issued a $112.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 6th. Rosenblatt Securities reaffirmed a “buy” rating on shares of Microchip Technology in a research note on Tuesday, March 6th. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $92.00 to $110.00 in a research note on Monday, March 5th. Finally, SunTrust Banks raised Microchip Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 2nd. Four equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $103.04.
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Microchip Technology 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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