8,105 Shares in Microchip Technology Incorporated (MCHP) Acquired by Quantitative Systematic Strategies LLC
Quantitative Systematic Strategies LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,105 shares of the semiconductor company’s stock, valued at approximately $627,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of MCHP. Trust Co. of Vermont boosted its position in shares of Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares during the period. Duncker Streett & Co. Inc. boosted its position in shares of Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 503 shares during the period. Advisory Services Network LLC bought a new position in Microchip Technology during the first quarter valued at $135,000. Webster Bank N. A. boosted its position in Microchip Technology by 67.8% in the first quarter. Webster Bank N. A. now owns 1,980 shares of the semiconductor company’s stock valued at $146,000 after buying an additional 800 shares during the last quarter. Finally, Harbour Capital Advisors LLC bought a new position in Microchip Technology during the first quarter valued at $173,000. 98.67% of the stock is owned by institutional investors and hedge funds.
Microchip Technology Incorporated (MCHP) traded up 1.78% on Monday, reaching $84.98. 2,338,934 shares of the company traded hands. Microchip Technology Incorporated has a 1-year low of $55.84 and a 1-year high of $87.49. The stock has a 50 day moving average of $80.29 and a 200-day moving average of $76.10. The stock has a market capitalization of $19.49 billion, a price-to-earnings ratio of 120.54 and a beta of 1.06.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.14 by $0.17. The business had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The company’s revenue was up 21.6% on a year-over-year basis. During the same period last year, the business posted $0.84 EPS. On average, equities analysts anticipate that Microchip Technology Incorporated will post $5.22 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be issued a dividend of $0.362 per share. The ex-dividend date is Thursday, August 17th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.70%. Microchip Technology’s payout ratio is currently 77.54%.
A number of analysts have commented on MCHP shares. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, June 1st. Jefferies Group LLC reiterated a “buy” rating on shares of Microchip Technology in a research report on Monday, July 10th. Needham & Company LLC restated a “strong-buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, May 10th. Citigroup Inc. set a $95.00 target price on shares of Microchip Technology and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Finally, Stifel Nicolaus upped their target price on shares of Microchip Technology from $83.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $86.00.
In other Microchip Technology news, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,510 shares of Microchip Technology stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $201,527.90. The disclosure for this sale can be found here. 2.13% of the stock is 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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