ING Groep NV Purchases New Position in Microchip Technology Incorporated (NASDAQ:MCHP)

ING Groep NV purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, Holdings Channel reports. The firm purchased 4,220 shares of the semiconductor company’s stock, valued at approximately $326,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Keel Point LLC raised its stake in Microchip Technology by 0.3% in the first quarter. Keel Point LLC now owns 3,575 shares of the semiconductor company’s stock worth $264,000 after buying an additional 11 shares in the last quarter. Mission Wealth Management LLC raised its stake in Microchip Technology by 0.7% in the first quarter. Mission Wealth Management LLC now owns 3,616 shares of the semiconductor company’s stock worth $267,000 after buying an additional 26 shares in the last quarter. Cleararc Capital Inc. raised its stake in Microchip Technology by 0.8% in the first quarter. Cleararc Capital Inc. now owns 5,295 shares of the semiconductor company’s stock worth $391,000 after buying an additional 43 shares in the last quarter. LS Investment Advisors LLC raised its stake in Microchip Technology by 0.9% in the second quarter. LS Investment Advisors LLC now owns 7,649 shares of the semiconductor company’s stock worth $590,000 after buying an additional 68 shares in the last quarter. Finally, Advantus Capital Management Inc raised its stake in Microchip Technology by 0.3% in the first quarter. Advantus Capital Management Inc now owns 21,665 shares of the semiconductor company’s stock worth $1,598,000 after buying an additional 70 shares in the last quarter. Institutional investors own 98.67% of the company’s stock.

Microchip Technology Incorporated (MCHP) traded down 2.17% during trading on Thursday, hitting $81.79. 765,143 shares of the company were exchanged. Microchip Technology Incorporated has a 1-year low of $57.52 and a 1-year high of $87.49. The firm’s 50 day moving average price is $80.45 and its 200-day moving average price is $76.68. The stock has a market capitalization of $19.03 billion, a PE ratio of 44.07 and a beta of 1.06.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.17. The business had revenue of $972.10 million for the quarter, compared to analysts’ expectations of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The business’s revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the company earned $0.84 EPS. Equities analysts predict that Microchip Technology Incorporated will post $5.27 EPS 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. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 17th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.73%. Microchip Technology’s dividend payout ratio (DPR) is presently 77.54%.

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A number of analysts have weighed in on the stock. B. Riley restated a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a research note on Wednesday. Mizuho restated 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. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note on Wednesday. Credit Suisse Group restated a “buy” rating on shares of Microchip Technology in a research note on Friday, August 4th. Finally, Jefferies Group LLC restated 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. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Microchip Technology presently has an average rating of “Buy” and an average price target of $88.80.

In other news, CFO James Eric Bjornholt sold 2,510 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $201,527.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $319,072.46. Following the sale, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. 2.13% of the stock is owned by company 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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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