Microchip Technology Incorporated (MCHP) Position Boosted by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 7.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 721,944 shares of the semiconductor company’s stock after buying an additional 51,287 shares during the period. Schwab Charles Investment Management Inc. owned 0.31% of Microchip Technology worth $55,720,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board raised its position in shares of Microchip Technology by 73,427.0% in the second quarter. Canada Pension Plan Investment Board now owns 46,322 shares of the semiconductor company’s stock valued at $3,575,000 after buying an additional 46,259 shares during the period. Trexquant Investment LP raised its stake in shares of Microchip Technology by 96.8% in the second quarter. Trexquant Investment LP now owns 6,800 shares of the semiconductor company’s stock worth $525,000 after buying an additional 3,344 shares during the last quarter. Cabot Wealth Management Inc. purchased a new stake in shares of Microchip Technology during the second quarter worth about $1,992,000. Legacy Capital Partners Inc. raised its stake in shares of Microchip Technology by 0.5% in the second quarter. Legacy Capital Partners Inc. now owns 39,275 shares of the semiconductor company’s stock worth $3,031,000 after buying an additional 210 shares during the last quarter. Finally, Global X Management Co. LLC raised its stake in shares of Microchip Technology by 4.7% in the second quarter. Global X Management Co. LLC now owns 2,690 shares of the semiconductor company’s stock worth $208,000 after buying an additional 120 shares during the last quarter. Institutional investors own 98.67% of the company’s stock.
Microchip Technology Incorporated (NASDAQ MCHP) opened at 87.85 on Friday. The stock’s 50 day moving average price is $82.57 and its 200-day moving average price is $78.36. Microchip Technology Incorporated has a 12 month low of $57.52 and a 12 month high of $88.00. The firm has a market capitalization of $20.45 billion, a P/E ratio of 47.33 and a beta of 1.03.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The business had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. During the same period last year, the business earned $0.84 EPS. The company’s revenue was up 21.6% on a year-over-year basis. Equities analysts forecast 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 paid a dividend of $0.362 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Thursday, August 17th. Microchip Technology’s dividend payout ratio (DPR) is currently 77.54%.
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A number of analysts recently issued reports on the company. Mizuho reiterated a “neutral” rating and issued a $84.00 price target (up previously from $80.00) on shares of Microchip Technology in a report on Wednesday, August 9th. BidaskClub lowered Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. B. Riley reiterated a “buy” rating and issued a $115.00 price target on shares of Microchip Technology in a report on Sunday, June 11th. Jefferies Group LLC reiterated a “buy” rating on shares of Microchip Technology in a report on Monday, July 10th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 price target (up previously from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $88.80.
In related news, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $251,893.64. Following the sale, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,167,997.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,453 shares of Microchip Technology stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total transaction of $200,876.17. The disclosure for this sale can be found here. Insiders have sold a total of 6,829 shares of company stock worth $561,905 over the last quarter. 2.13% of the stock is owned by company 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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