Zurcher Kantonalbank Zurich Cantonalbank Has $10.53 Million Position in Microchip Technology Incorporated (MCHP)
Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 136,403 shares of the semiconductor company’s stock after selling 12,029 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.06% of Microchip Technology worth $10,528,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of MCHP. Neuberger Berman Group LLC increased its position in shares of Microchip Technology by 67.6% in the second quarter. Neuberger Berman Group LLC now owns 367,872 shares of the semiconductor company’s stock valued at $28,392,000 after buying an additional 148,441 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Microchip Technology by 16.2% in the second quarter. Pacer Advisors Inc. now owns 7,789 shares of the semiconductor company’s stock valued at $601,000 after buying an additional 1,086 shares in the last quarter. Utah Retirement Systems boosted its stake in shares of Microchip Technology by 0.8% in the second quarter. Utah Retirement Systems now owns 38,744 shares of the semiconductor company’s stock valued at $2,990,000 after buying an additional 300 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Microchip Technology by 2.8% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 644,091 shares of the semiconductor company’s stock valued at $49,711,000 after buying an additional 17,441 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Microchip Technology by 55.0% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 56,802 shares of the semiconductor company’s stock valued at $4,384,000 after buying an additional 20,145 shares in the last quarter. Institutional investors own 98.67% of the company’s stock.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at 83.83 on Wednesday. The stock has a market capitalization of $19.51 billion, a PE ratio of 45.17 and a beta of 1.06. The company’s 50-day moving average is $81.68 and its 200-day moving average is $77.85. Microchip Technology Incorporated has a 12 month low of $57.52 and a 12 month high of $87.49.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.17. The business 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%. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 earnings per share. Equities research analysts expect that Microchip Technology Incorporated will post $5.27 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be given a $0.362 dividend. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.73%. 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. Microchip Technology’s payout ratio is currently 77.54%.
Several brokerages have recently issued reports on MCHP. B. Riley reissued a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Monday, May 8th. Mizuho reissued a “neutral” rating and set a $84.00 price objective (up from $80.00) on shares of Microchip Technology in a research note on Wednesday, August 9th. Jefferies Group LLC reissued a “buy” rating and set a $94.00 price objective (up from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. BidaskClub raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. Finally, Raymond James Financial, Inc. began coverage on shares of Microchip Technology in a research note on Friday, June 16th. They set an “outperform” rating and a $95.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $88.80.
In other news, VP Stephen V. Drehobl sold 3,076 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $251,893.64. Following the sale, the vice president now owns 14,263 shares of the company’s stock, valued at $1,167,997.07. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total transaction of $109,135.00. The disclosure for this sale can be found here. In the last three months, insiders sold 6,829 shares of company stock worth $561,905. 2.13% of the stock is currently owned by insiders.
Microchip Technology Company 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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