Barometer Capital Management Inc. Has $10.92 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)
Barometer Capital Management Inc. increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 14.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 141,500 shares of the semiconductor company’s stock after buying an additional 17,600 shares during the period. Barometer Capital Management Inc. owned about 0.06% of Microchip Technology worth $10,921,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Microchip Technology by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,579,936 shares of the semiconductor company’s stock valued at $1,665,948,000 after buying an additional 563,501 shares during the last quarter. Janus Capital Management LLC increased its stake in Microchip Technology by 10.3% in the first quarter. Janus Capital Management LLC now owns 7,130,689 shares of the semiconductor company’s stock worth $526,103,000 after buying an additional 666,436 shares in the last quarter. Waddell & Reed Financial Inc. increased its stake in Microchip Technology by 11.4% in the first quarter. Waddell & Reed Financial Inc. now owns 6,290,257 shares of the semiconductor company’s stock worth $464,095,000 after buying an additional 641,548 shares in the last quarter. Aristotle Capital Management LLC increased its stake in Microchip Technology by 0.4% in the first quarter. Aristotle Capital Management LLC now owns 4,413,824 shares of the semiconductor company’s stock worth $325,652,000 after buying an additional 18,683 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Microchip Technology by 0.8% in the first quarter. Principal Financial Group Inc. now owns 3,768,970 shares of the semiconductor company’s stock worth $278,074,000 after buying an additional 30,906 shares in the last quarter. Institutional investors and hedge funds own 98.67% of the company’s stock.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) traded down 0.09% during trading on Friday, reaching $81.58. The company had a trading volume of 1,349,171 shares. Microchip Technology Incorporated has a 1-year low of $57.52 and a 1-year high of $87.49. The firm has a market capitalization of $18.99 billion, a PE ratio of 43.95 and a beta of 1.06. The firm has a 50-day moving average of $81.03 and a 200 day moving average of $77.35.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping 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 net margin of 12.53% and a return on equity of 34.33%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. Analysts expect that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be given a $0.362 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Thursday, August 17th. Microchip Technology’s dividend payout ratio (DPR) is 77.54%.
A number of equities research analysts recently commented on MCHP shares. Credit Suisse Group reiterated a “buy” rating on shares of Microchip Technology in a research report on Friday, August 4th. Stifel Nicolaus boosted their price objective on Microchip Technology from $88.00 to $89.00 and gave the stock a “buy” rating in a research note on Tuesday, June 6th. Needham & Company LLC reissued a “strong-buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Wednesday, May 10th. BidaskClub cut Microchip Technology from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, B. Riley reissued a “buy” rating and set a $115.00 price objective on shares of Microchip Technology in a research note on Tuesday, June 6th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $88.80.
In other news, Director Wade F. Meyercord sold 1,300 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The transaction was disclosed in a filing with the SEC, which can be accessed 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 transaction of $201,527.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,784 shares of company stock worth $629,735. 2.13% of the stock is currently 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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