Miles Capital Inc. Continues to Hold Holdings in Microchip Technology Incorporated (MCHP)
Miles Capital Inc. maintained its position in Microchip Technology Incorporated (NASDAQ:MCHP) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,322 shares of the semiconductor company’s stock at the close of the 2nd quarter. Miles Capital Inc.’s holdings in Microchip Technology were worth $411,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of MCHP. Principal Financial Group Inc. lifted its position in Microchip Technology by 66.5% during the 2nd quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock worth $484,434,000 after acquiring an additional 2,507,707 shares during the period. Vanguard Group Inc. lifted its position in Microchip Technology by 4.6% during the 2nd quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock worth $1,823,190,000 after acquiring an additional 1,042,622 shares during the period. Ameriprise Financial Inc. lifted its position in Microchip Technology by 75.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,403,141 shares of the semiconductor company’s stock worth $185,475,000 after acquiring an additional 1,033,992 shares during the period. Renaissance Technologies LLC acquired a new stake in Microchip Technology during the 2nd quarter worth approximately $71,857,000. Finally, Janus Capital Management LLC lifted its position in Microchip Technology by 10.3% during the 1st quarter. Janus Capital Management LLC now owns 7,130,689 shares of the semiconductor company’s stock worth $526,103,000 after acquiring an additional 666,436 shares during the period. 98.68% of the stock is owned by institutional investors.
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A number of equities analysts have recently issued reports on the company. B. Riley reissued a “buy” rating and set a $115.00 target price on shares of Microchip Technology in a research note on Sunday, June 11th. ValuEngine downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Stifel Nicolaus increased their target price on Microchip Technology from $88.00 to $89.00 and gave the stock a “buy” rating in a research note on Tuesday, June 6th. Jefferies Group LLC reissued a “buy” rating and set a $94.00 target price (up from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. Finally, BidaskClub downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Microchip Technology currently has a consensus rating of “Buy” and an average target price of $89.44.
Microchip Technology Incorporated (MCHP) traded up 0.72% during trading on Friday, reaching $89.78. The company had a trading volume of 2,194,082 shares. The firm has a market capitalization of $20.89 billion, a P/E ratio of 48.37 and a beta of 1.04. Microchip Technology Incorporated has a 52-week low of $57.52 and a 52-week high of $91.83. The company has a 50-day moving average of $84.85 and a 200-day moving average of $79.71.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 quarter in the previous year, the company earned $0.84 earnings per share. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. Analysts expect that Microchip Technology Incorporated will post $5.27 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Monday, August 21st were issued a dividend of $0.362 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Thursday, August 17th. This represents a $1.45 annualized dividend and a yield of 1.61%. Microchip Technology’s payout ratio is presently 77.54%.
In related news, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total transaction of $109,135.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 3,076 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $251,893.64. Following the sale, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,167,997.07. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,829 shares of company stock worth $561,905. 2.13% of the stock is owned by corporate 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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