Microchip Technology Inc. (MCHP) Stake Lifted by Zurcher Kantonalbank Zurich Cantonalbank
Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Microchip Technology Inc. (NASDAQ:MCHP) by 7.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,931 shares of the semiconductor company’s stock after purchasing an additional 3,003 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Microchip Technology were worth $4,086,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also bought and sold shares of the company. Barings LLC increased its position in Microchip Technology by 33.2% during the first quarter. Barings LLC now owns 8,028,245 shares of the semiconductor company’s stock valued at $13,872,000 after acquiring an additional 2,000,000 shares during the last quarter. Mar Vista Investment Partners LLC purchased a new stake in Microchip Technology during the first quarter valued at $81,168,000. Platinum Investment Management Ltd. increased its position in Microchip Technology by 138.7% during the first quarter. Platinum Investment Management Ltd. now owns 651,200 shares of the semiconductor company’s stock valued at $59,493,000 after acquiring an additional 378,400 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in Microchip Technology by 130.6% during the second quarter. State of New Jersey Common Pension Fund D now owns 565,000 shares of the semiconductor company’s stock valued at $51,387,000 after acquiring an additional 320,000 shares during the last quarter. Finally, Ardevora Asset Management LLP increased its position in Microchip Technology by 929.3% during the second quarter. Ardevora Asset Management LLP now owns 344,604 shares of the semiconductor company’s stock valued at $31,342,000 after acquiring an additional 311,124 shares during the last quarter.
A number of analysts recently commented on the company. BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, May 9th. Argus upped their price target on Microchip Technology to $115.00 and gave the stock an “average” rating in a research report on Monday, June 25th. They noted that the move was a valuation call. Zacks Investment Research upgraded Microchip Technology from a “hold” rating to a “buy” rating and set a $114.00 price target for the company in a research report on Wednesday, June 6th. Nomura reduced their price target on Microchip Technology from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, August 10th. Finally, Needham & Company LLC reduced their price target on Microchip Technology from $130.00 to $120.00 and set a “strong-buy” rating for the company in a research report on Monday, August 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $115.76.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.13. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The business’s quarterly revenue was up 24.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.31 earnings per share. research analysts anticipate that Microchip Technology Inc. will post 6.18 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Tuesday, August 21st will be paid a $0.364 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, August 20th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.75%. Microchip Technology’s dividend payout ratio is 27.94%.
In other Microchip Technology news, COO Ganesh Moorthy acquired 12,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 4,696 shares of the company’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $439,310.80. Following the completion of the transaction, the vice president now directly owns 19,711 shares of the company’s stock, valued at approximately $1,843,964.05. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.
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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