Microchip Technology Incorporated (MCHP) Shares Bought by Principal Financial Group Inc.
Principal Financial Group Inc. increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 66.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,276,677 shares of the semiconductor company’s stock after buying an additional 2,507,707 shares during the period. Principal Financial Group Inc. owned 2.74% of Microchip Technology worth $484,434,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Smithfield Trust Co. raised its position in Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares during the period. Keel Point LLC boosted its position in Microchip Technology by 0.3% in the first quarter. Keel Point LLC now owns 3,575 shares of the semiconductor company’s stock valued at $264,000 after buying an additional 11 shares during the last quarter. Nicolet Bankshares Inc. boosted its position in Microchip Technology by 0.3% in the second quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock valued at $281,000 after buying an additional 11 shares during the last quarter. Mission Wealth Management LLC boosted its position in Microchip Technology by 0.7% in the first quarter. Mission Wealth Management LLC now owns 3,616 shares of the semiconductor company’s stock valued at $267,000 after buying an additional 26 shares during the last quarter. Finally, Girard Partners LTD. boosted its position in Microchip Technology by 0.9% in the second quarter. Girard Partners LTD. now owns 3,731 shares of the semiconductor company’s stock valued at $288,000 after buying an additional 33 shares during the last quarter. Institutional investors and hedge funds own 98.67% of the company’s stock.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at 84.455 on Wednesday. Microchip Technology Incorporated has a 1-year low of $57.52 and a 1-year high of $87.49. The firm has a market cap of $19.66 billion, a price-to-earnings ratio of 45.504 and a beta of 1.06. The company has a 50 day moving average of $81.68 and a 200 day moving average of $77.85.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.17. The firm had revenue of $972.10 million during the quarter, compared to analyst estimates of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The business’s 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 EPS. On average, equities analysts forecast that Microchip Technology Incorporated will post $5.27 earnings per share for the current fiscal 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 issued a $0.362 dividend. This is an increase 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 1.73%. The ex-dividend date of this dividend is Thursday, August 17th. Microchip Technology’s payout ratio is 77.54%.
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Several equities analysts have weighed in on MCHP shares. B. Riley reiterated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Monday, May 8th. Needham & Company LLC reiterated a “strong-buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Wednesday, May 10th. Stifel Nicolaus lifted their price objective 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. Citigroup Inc. set a $95.00 price objective on shares of Microchip Technology and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Finally, ValuEngine cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, June 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $88.80.
In related news, VP Stephen V. Drehobl sold 3,076 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $251,893.64. Following the transaction, the vice president now directly owns 14,263 shares of the company’s stock, valued at approximately $1,167,997.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total transaction of $109,135.00. The disclosure for this sale can be found here. Insiders sold a total of 6,829 shares of company stock worth $561,905 over the last three months. 2.13% of the stock is owned by insiders.
Microchip Technology Company Profile
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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