Meridian Wealth Advisors LLC trimmed its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 4.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,632 shares of the semiconductor company’s stock after selling 193 shares during the quarter. Meridian Wealth Advisors LLC’s holdings in Microchip Technology were worth $384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc boosted its holdings in Microchip Technology by 0.9% during the 3rd quarter. Vanguard Group Inc now owns 26,236,361 shares of the semiconductor company’s stock worth $2,070,312,000 after acquiring an additional 237,329 shares during the last quarter. Northern Trust Corp raised its stake in shares of Microchip Technology by 3.8% during the 4th quarter. Northern Trust Corp now owns 3,306,865 shares of the semiconductor company’s stock worth $237,828,000 after purchasing an additional 121,647 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Microchip Technology by 4.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,164,119 shares of the semiconductor company’s stock worth $227,564,000 after purchasing an additional 134,749 shares during the period. Norges Bank bought a new stake in shares of Microchip Technology during the 4th quarter worth $155,541,000. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of Microchip Technology by 7,043.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 1,815,732 shares during the period.
A number of equities research analysts have recently commented on the company. Zacks Investment Research cut Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday. BidaskClub cut Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Mizuho boosted their price objective on Microchip Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. BMO Capital Markets lowered their price objective on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $115.00 price objective on shares of Microchip Technology in a research note on Monday, May 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Microchip Technology has a consensus rating of “Buy” and a consensus price target of $104.32.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the business posted $1.40 earnings per share. The company’s revenue was up 32.6% on a year-over-year basis. Equities research analysts forecast that Microchip Technology Inc. will post 5.61 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 21st will be issued a dividend of $0.3655 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, May 20th. This represents a $1.46 annualized dividend and a dividend yield of 1.72%. Microchip Technology’s payout ratio is presently 24.01%.
In other Microchip Technology news, VP James Eric Bjornholt sold 2,356 shares of the company’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $89.24, for a total value of $210,249.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director L B. Day sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $84.82, for a total value of $296,870.00. Following the completion of the sale, the director now directly owns 9,238 shares of the company’s stock, valued at approximately $783,567.16. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.
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Microchip Technology Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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