Microchip Technology Inc. (MCHP) Shares Sold by MetLife Investment Advisors LLC
MetLife Investment Advisors LLC lowered its position in Microchip Technology Inc. (NASDAQ:MCHP) by 1.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,189 shares of the semiconductor company’s stock after selling 1,334 shares during the quarter. MetLife Investment Advisors LLC’s holdings in Microchip Technology were worth $6,293,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Signaturefd LLC purchased a new position in Microchip Technology in the 1st quarter worth $131,000. Riverhead Capital Management LLC raised its position in Microchip Technology by 15.7% in the 1st quarter. Riverhead Capital Management LLC now owns 21,318 shares of the semiconductor company’s stock worth $1,948,000 after purchasing an additional 2,891 shares during the period. Twin Tree Management LP raised its position in Microchip Technology by 70.0% in the 1st quarter. Twin Tree Management LP now owns 3,756 shares of the semiconductor company’s stock worth $343,000 after purchasing an additional 1,546 shares during the period. Eagle Asset Management Inc. raised its position in Microchip Technology by 4.0% in the 1st quarter. Eagle Asset Management Inc. now owns 735,584 shares of the semiconductor company’s stock worth $67,202,000 after purchasing an additional 28,068 shares during the period. Finally, Rockefeller Capital Management L.P. purchased a new position in Microchip Technology in the 1st quarter worth $250,000.
A number of equities analysts recently commented on the stock. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a research report on Wednesday, June 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $125.00 target price on shares of Microchip Technology in a research report on Wednesday, June 6th. JPMorgan Chase & Co. started coverage on shares of Microchip Technology in a research report on Tuesday, June 5th. They issued an “overweight” rating and a $125.00 target price on the stock. Morgan Stanley raised their price target on shares of Microchip Technology from $97.00 to $103.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 5th. Finally, SunTrust Banks raised their price target on shares of Microchip Technology from $115.00 to $117.00 and gave the stock a “buy” rating in a report on Wednesday, May 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $115.76.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.13. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.21 billion. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The company’s revenue was up 24.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.31 EPS. research analysts expect that Microchip Technology Inc. will post 6.51 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Tuesday, August 21st were paid a dividend of $0.364 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Monday, August 20th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.74%. Microchip Technology’s payout ratio is presently 28.13%.
In related news, COO Ganesh Moorthy bought 12,000 shares of the business’s stock in a transaction dated Tuesday, August 14th. The shares were purchased at an average price of $84.10 per share, with a total value of $1,009,200.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 3,998 shares of Microchip Technology stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $337,151.34. Following the sale, the vice president now directly owns 16,931 shares in the company, valued at approximately $1,427,791.23. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
Microchip Technology Company Profile
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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