Johnston Asset Management LLC held its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) during the second quarter, Holdings Channel reports. The firm owned 9,900 shares of the company’s stock at the end of the second quarter. Johnston Asset Management LLC’s holdings in Microchip Technology were worth $503,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Creative Planning increased its stake in shares of Microchip Technology by 92.4% in the second quarter. Creative Planning now owns 3,079 shares of the company’s stock valued at $156,000 after buying an additional 1,479 shares during the period. IFP Advisors Inc increased its stake in shares of Microchip Technology by 67.8% in the first quarter. IFP Advisors Inc now owns 3,422 shares of the company’s stock valued at $165,000 after buying an additional 1,383 shares during the period. Cape ANN Savings Bank acquired a new stake in shares of Microchip Technology during the second quarter valued at $207,000. Atria Investments LLC acquired a new stake in shares of Microchip Technology during the second quarter valued at $227,000. Finally, Conning Inc. increased its stake in shares of Microchip Technology by 9.7% in the second quarter. Conning Inc. now owns 5,085 shares of the company’s stock valued at $258,000 after buying an additional 450 shares during the period. Institutional investors and hedge funds own 99.08% of the company’s stock.
Shares of Microchip Technology Inc. (NASDAQ:MCHP) traded down 0.81% on Tuesday, reaching $61.32. 1,282,258 shares of the company’s stock were exchanged. The company has a market capitalization of $13.20 billion, a P/E ratio of 165.28 and a beta of 1.11. Microchip Technology Inc. has a 1-year low of $39.01 and a 1-year high of $63.11. The stock’s 50-day moving average price is $61.05 and its 200-day moving average price is $53.66.
Microchip Technology (NASDAQ:MCHP) last issued 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 net margin of 3.28% and a return on equity of 24.87%. The firm had revenue of $799.40 million for the quarter, compared to analyst estimates of $821.41 million. During the same quarter in the previous year, the business posted $0.69 EPS. The firm’s revenue was up 58.1% compared to the same quarter last year. Analysts anticipate that Microchip Technology Inc. will post $3.41 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were given a $0.36 dividend. The ex-dividend date was Thursday, August 18th. This represents a $1.44 annualized dividend and a dividend yield of 2.35%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is presently 400.00%.
Several equities research analysts have recently weighed in on the stock. B. Riley reiterated a “buy” rating and set a $74.00 target price on shares of Microchip Technology in a research note on Sunday, August 14th. Jefferies Group increased their target price on shares of Microchip Technology from $56.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Credit Suisse Group AG reiterated a “buy” rating and set a $67.00 target price on shares of Microchip Technology in a research note on Tuesday, August 9th. Citigroup Inc. increased their target price on shares of Microchip Technology from $54.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Finally, Zacks Investment Research downgraded shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $59.82.
In other news, VP Stephen V. Drehobl sold 4,454 shares of the business’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $60.95, for a total value of $271,471.30. Following the completion of the sale, the vice president now owns 13,622 shares of the company’s stock, valued at approximately $830,260.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,461 shares of the business’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $60.95, for a total transaction of $149,997.95. The disclosure for this sale can be found here. 2.50% of the stock is currently 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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