Smithfield Trust Co. Has $126,000 Stake in Microchip Technology Incorporated (MCHP)
Smithfield Trust Co. raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,626 shares of the semiconductor company’s stock after buying an additional 7 shares during the period. Smithfield Trust Co.’s holdings in Microchip Technology were worth $126,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. First Midwest Bank Trust Division increased its position in Microchip Technology by 2.7% in the first quarter. First Midwest Bank Trust Division now owns 5,287 shares of the semiconductor company’s stock valued at $390,000 after buying an additional 137 shares during the last quarter. Glaxis Capital Management LLC acquired a new position in Microchip Technology during the first quarter valued at approximately $9,940,000. Retirement Systems of Alabama increased its position in Microchip Technology by 2.2% in the first quarter. Retirement Systems of Alabama now owns 104,618 shares of the semiconductor company’s stock valued at $7,719,000 after buying an additional 2,230 shares during the last quarter. UMB Bank N A MO acquired a new position in Microchip Technology during the first quarter valued at approximately $228,000. Finally, Nicolet Bankshares Inc. increased its position in Microchip Technology by 0.3% in the second quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock valued at $281,000 after buying an additional 11 shares during the last quarter. 98.67% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at 83.60 on Thursday. The firm has a market capitalization of $19.18 billion, a P/E ratio of 118.58 and a beta of 1.06. The stock has a 50 day moving average price of $80.45 and a 200 day moving average price of $76.68. Microchip Technology Incorporated has a 12 month low of $57.52 and a 12 month high of $87.49.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.17. The company had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. Microchip Technology’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS. On average, analysts expect that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be paid a dividend of $0.362 per share. The ex-dividend date of this dividend is Thursday, August 17th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a dividend yield of 1.73%. Microchip Technology’s payout ratio is currently 77.54%.
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MCHP has been the topic of several analyst reports. ValuEngine downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, June 1st. Jefferies Group LLC reissued a “buy” rating on shares of Microchip Technology in a research report on Monday, July 10th. Needham & Company LLC reissued a “strong-buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, May 10th. Citigroup Inc. set a $95.00 target price on shares of Microchip Technology and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Finally, Stifel Nicolaus increased their target price on shares of Microchip Technology from $83.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $88.80.
In related news, VP Stephen V. Drehobl sold 3,974 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the transaction, the vice president now owns 14,263 shares in the company, valued at approximately $1,145,176.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,510 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $201,527.90. The disclosure for this sale can be found here. 2.13% of the stock is owned by 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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