First Personal Financial Services Has $204,000 Position in Microchip Technology Inc. (MCHP)
First Personal Financial Services increased its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 158.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,760 shares of the semiconductor company’s stock after buying an additional 1,694 shares during the period. First Personal Financial Services’ holdings in Microchip Technology were worth $204,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Glaxis Capital Management LLC acquired a new stake in Microchip Technology during the first quarter valued at approximately $9,940,000. Franklin Street Advisors Inc. NC acquired a new stake in Microchip Technology during the first quarter valued at approximately $232,000. Gulf International Bank UK Ltd increased its stake in Microchip Technology by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 66,547 shares of the semiconductor company’s stock valued at $4,909,000 after buying an additional 1,000 shares during the last quarter. Public Employees Retirement Association of Colorado increased its stake in Microchip Technology by 18.1% in the third quarter. Public Employees Retirement Association of Colorado now owns 903,086 shares of the semiconductor company’s stock valued at $56,118,000 after buying an additional 138,572 shares during the last quarter. Finally, UMB Bank N A MO acquired a new stake in Microchip Technology during the first quarter valued at approximately $228,000.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, May 9th. The semiconductor company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.10. The business had revenue of $902.70 million for the quarter, compared to analyst estimates of $891.14 million. Microchip Technology had a return on equity of 30.26% and a net margin of 3.10%. The company’s revenue was up 61.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.70 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 6th. Stockholders of record on Tuesday, May 23rd will be issued a $0.3615 dividend. The ex-dividend date of this dividend is Friday, May 19th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.82%. Microchip Technology’s dividend payout ratio is currently 378.95%.
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Several equities research analysts recently commented on MCHP shares. Citigroup Inc set a $85.00 price objective on Microchip Technology and gave the stock a “buy” rating in a report on Wednesday, February 8th. B. Riley reiterated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, February 8th. Jefferies Group LLC reiterated a “buy” rating and issued a $87.00 price objective (up from $72.00) on shares of Microchip Technology in a report on Wednesday, February 8th. Summit Redstone upgraded Microchip Technology from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $65.00 to $82.00 in a report on Tuesday, April 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Friday, March 10th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $80.67.
In other news, CEO Steve Sanghi sold 54,368 shares of the company’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $74.34, for a total value of $4,041,717.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Mitchell R. Little sold 4,321 shares of the company’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $73.75, for a total value of $318,673.75. Following the completion of the sale, the vice president now owns 8,201 shares in the company, valued at approximately $604,823.75. The disclosure for this sale can be found here. Insiders sold 93,229 shares of company stock worth $6,913,482 over the last three months. 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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