Everence Capital Management Inc. Holds Position in Microchip Technology Incorporated (MCHP)
Everence Capital Management Inc. continued to hold its stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,002 shares of the semiconductor company’s stock at the end of the second quarter. Everence Capital Management Inc.’s holdings in Microchip Technology were worth $540,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in MCHP. Creative Planning raised its stake in shares of Microchip Technology by 19.3% in the first quarter. Creative Planning now owns 6,993 shares of the semiconductor company’s stock valued at $516,000 after buying an additional 1,129 shares during the last quarter. Oakbrook Investments LLC purchased a new stake in shares of Microchip Technology during the first quarter valued at $221,000. Retirement Systems of Alabama raised its stake in shares of Microchip Technology by 2.2% in the first quarter. Retirement Systems of Alabama now owns 104,618 shares of the semiconductor company’s stock valued at $7,719,000 after buying an additional 2,230 shares during the last quarter. Covenant Asset Management LLC purchased a new stake in shares of Microchip Technology during the first quarter valued at $1,050,000. Finally, Nippon Life Insurance Co. purchased a new stake in shares of Microchip Technology during the first quarter valued at $1,221,000. 98.67% of the stock is currently owned by hedge funds and other institutional investors.
Microchip Technology Incorporated (NASDAQ:MCHP) opened at 81.58 on Monday. The firm has a 50-day moving average price of $81.03 and a 200 day moving average price of $77.35. Microchip Technology Incorporated has a 12 month low of $57.52 and a 12 month high of $87.49. The company has a market cap of $18.99 billion, a P/E ratio of 43.95 and a beta of 1.06.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.84 earnings per share. On average, equities analysts expect that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be given a dividend of $0.362 per share. The ex-dividend date is Thursday, August 17th. This represents a $1.45 dividend on an annualized basis and a yield of 1.77%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is currently 77.54%.
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Several analysts have recently weighed in on the company. B. Riley reissued a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a report on Wednesday, August 9th. Mizuho reissued a “neutral” rating and set a $84.00 price objective (up previously from $80.00) on shares of Microchip Technology in a report on Wednesday, August 9th. BidaskClub raised Microchip Technology from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. Credit Suisse Group reissued a “buy” rating on shares of Microchip Technology in a report on Friday, August 4th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $94.00 price objective (up previously from $92.00) on shares of Microchip Technology in a report on Friday, August 4th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Microchip Technology presently has a consensus rating of “Buy” and a consensus target price of $88.80.
In related news, Director Wade F. Meyercord sold 1,300 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total transaction of $109,135.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.13% 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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