AGF Investments Inc. Cuts Holdings in Microchip Technology Incorporated (MCHP)
AGF Investments Inc. decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 86.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 768,689 shares of the semiconductor company’s stock after selling 5,107,139 shares during the period. AGF Investments Inc. owned 0.34% of Microchip Technology worth $59,342,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of MCHP. Grove Bank & Trust increased its position in Microchip Technology by 15.8% during the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after purchasing an additional 190 shares during the period. Trust Co. of Vermont increased its position in Microchip Technology by 9.2% during the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 136 shares during the period. Smithfield Trust Co. increased its position in Microchip Technology by 0.4% during the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 7 shares during the period. Advisory Services Network LLC purchased a new position in Microchip Technology during the 1st quarter valued at about $135,000. Finally, Harbour Capital Advisors LLC purchased a new position in Microchip Technology during the 1st quarter valued at about $173,000. 98.67% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO James Eric Bjornholt sold 2,453 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Wade F. Meyercord sold 1,300 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total value of $109,135.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,829 shares of company stock valued at $561,905. Corporate insiders own 2.13% of the company’s stock.
Shares of Microchip Technology Incorporated (NASDAQ:MCHP) traded down 0.38% during mid-day trading on Thursday, reaching $85.79. 74,415 shares of the company’s stock traded hands. Microchip Technology Incorporated has a one year low of $57.52 and a one year high of $88.00. The firm’s 50-day moving average is $82.91 and its 200 day moving average is $78.67. The firm has a market cap of $19.97 billion, a price-to-earnings ratio of 46.22 and a beta of 1.04.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. During the same period last year, the company earned $0.84 earnings per share. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. Analysts predict that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Monday, August 21st were issued a dividend of $0.362 per share. The ex-dividend date was 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 dividend yield of 1.68%. Microchip Technology’s dividend payout ratio (DPR) is currently 77.54%.
A number of research analysts have recently issued reports on the stock. Mizuho reaffirmed a “neutral” rating and issued a $80.00 price objective (up previously from $75.00) on shares of Microchip Technology in a research report on Wednesday, June 7th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, June 7th. BidaskClub raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. B. Riley reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Microchip Technology in a research report on Wednesday, August 9th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 price objective (up previously from $100.00) on shares of Microchip Technology in a research report on Tuesday, June 6th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $88.80.
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Microchip Technology 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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