Cramer Rosenthal Mcglynn LLC Reduces Stake in Microchip Technology Inc. (NASDAQ:MCHP)

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Cramer Rosenthal Mcglynn LLC lowered its holdings in Microchip Technology Inc. (NASDAQ:MCHP) by 37.4% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 255,231 shares of the semiconductor company’s stock after selling 152,494 shares during the quarter. Cramer Rosenthal Mcglynn LLC owned about 0.11% of Microchip Technology worth $22,129,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Meeder Asset Management Inc. purchased a new position in shares of Microchip Technology in the 2nd quarter valued at about $37,000. Spectrum Management Group Inc. increased its holdings in shares of Microchip Technology by 127.1% in the 2nd quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 253 shares during the last quarter. Oakworth Capital Inc. purchased a new position in shares of Microchip Technology in the 2nd quarter valued at about $40,000. Zions Bancorporation N.A. purchased a new position in shares of Microchip Technology in the 1st quarter valued at about $43,000. Finally, Coastal Investment Advisors Inc. increased its holdings in shares of Microchip Technology by 74.9% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 502 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 215 shares during the last quarter.

In related news, CFO James Eric Bjornholt sold 1,937 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total value of $171,618.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Richard J. Simoncic sold 3,437 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $304,518.20. Following the completion of the transaction, the vice president now directly owns 18,178 shares of the company’s stock, valued at $1,610,570.80. The disclosure for this sale can be found here. Company insiders own 2.21% of the company’s stock.

A number of analysts recently issued reports on the company. Wells Fargo & Co upped their target price on Microchip Technology from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. They noted that the move was a valuation call. B. Riley set a $120.00 target price on Microchip Technology and gave the company a “buy” rating in a research report on Wednesday, September 4th. Cfra set a $100.00 target price on Microchip Technology and gave the company a “hold” rating in a research report on Saturday, September 7th. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Needham & Company LLC set a $100.00 target price on Microchip Technology and gave the company a “buy” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $100.88.

Microchip Technology stock traded down $0.31 during mid-day trading on Friday, reaching $95.16. 15,319 shares of the company were exchanged, compared to its average volume of 2,348,587. Microchip Technology Inc. has a twelve month low of $60.70 and a twelve month high of $101.35. The firm’s 50-day simple moving average is $89.50 and its two-hundred day simple moving average is $88.68. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.63 and a current ratio of 0.93. The firm has a market cap of $22.73 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 1.42 and a beta of 1.41.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.25 by $0.16. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 27.79% and a net margin of 6.79%. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the firm earned $1.61 EPS. As a group, equities research analysts anticipate that Microchip Technology Inc. will post 5.27 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Investors of record on Wednesday, August 21st were paid a $0.366 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.37. This represents a $1.46 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend was Tuesday, August 20th. Microchip Technology’s dividend payout ratio (DPR) is presently 24.01%.

About Microchip Technology

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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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