Crossvault Capital Management LLC held its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) during the second quarter, Holdings Channel reports. The fund owned 18,426 shares of the company’s stock at the end of the second quarter. Crossvault Capital Management LLC’s holdings in Microchip Technology were worth $935,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of MCHP. Davis R M Inc. raised its stake in shares of Microchip Technology by 1.1% in the second quarter. Davis R M Inc. now owns 584,802 shares of the company’s stock valued at $29,685,000 after buying an additional 6,418 shares in the last quarter. Legal & General Group Plc raised its position in shares of Microchip Technology by 0.8% in the first quarter. Legal & General Group Plc now owns 913,454 shares of the company’s stock worth $44,030,000 after buying an additional 7,332 shares during the period. FDO Partners LLC raised its position in shares of Microchip Technology by 15.8% in the first quarter. FDO Partners LLC now owns 5,443 shares of the company’s stock worth $262,000 after buying an additional 743 shares during the period. Pictet Asset Management Ltd. raised its position in shares of Microchip Technology by 156.3% in the first quarter. Pictet Asset Management Ltd. now owns 427,630 shares of the company’s stock worth $19,025,000 after buying an additional 260,762 shares during the period. Finally, Prudential Financial Inc. raised its position in shares of Microchip Technology by 0.4% in the first quarter. Prudential Financial Inc. now owns 253,070 shares of the company’s stock worth $12,197,000 after buying an additional 900 shares during the period. 99.08% of the stock is currently owned by hedge funds and other institutional investors.
Microchip Technology Inc. (NASDAQ:MCHP) traded up 0.27% during midday trading on Friday, hitting $62.14. The stock had a trading volume of 2,632,626 shares. The stock has a 50-day moving average of $60.98 and a 200-day moving average of $53.39. The firm has a market cap of $13.38 billion, a P/E ratio of 167.49 and a beta of 1.08. Microchip Technology Inc. has a 52 week low of $39.01 and a 52 week high of $63.11.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, August 8th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Microchip Technology had a return on equity of 24.87% and a net margin of 3.28%. The business earned $799.40 million during the quarter, compared to analysts’ expectations of $821.41 million. During the same period in the previous year, the firm earned $0.69 earnings per share. The firm’s quarterly revenue was up 58.1% compared to the same quarter last year. Analysts forecast that Microchip Technology Inc. will post $3.41 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, August 18th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.32%. Microchip Technology’s payout ratio is 400.00%.
A number of research analysts have recently commented on the company. Credit Suisse Group AG reissued a “buy” rating and set a $67.00 price target on shares of Microchip Technology in a report on Tuesday, August 9th. Citigroup Inc. raised their target price on Microchip Technology from $54.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. Stifel Nicolaus raised their target price on Microchip Technology from $60.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. JPMorgan Chase & Co. raised their target price on Microchip Technology from $60.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, August 9th. Finally, B. Riley reaffirmed a “buy” rating and set a $74.00 target price on shares of Microchip Technology in a research note on Sunday, August 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $59.82.
In related news, CFO James Eric Bjornholt sold 2,461 shares of Microchip Technology stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $60.95, for a total transaction of $149,997.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 4,454 shares of Microchip Technology stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $60.95, for a total value of $271,471.30. Following the sale, the vice president now directly owns 13,622 shares of the company’s stock, valued at $830,260.90. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
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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