TIAA CREF Investment Management LLC Has $86.41 Million Position in Microchip Technology Incorporated (MCHP)
TIAA CREF Investment Management LLC increased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,119,605 shares of the semiconductor company’s stock after acquiring an additional 59,419 shares during the quarter. TIAA CREF Investment Management LLC owned about 0.49% of Microchip Technology worth $86,411,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in MCHP. UBS Asset Management Americas Inc. grew its holdings in Microchip Technology by 10.3% during the 1st quarter. UBS Asset Management Americas Inc. now owns 623,581 shares of the semiconductor company’s stock valued at $46,008,000 after buying an additional 58,266 shares in the last quarter. Karp Capital Management Corp purchased a new position in shares of Microchip Technology in the first quarter valued at $5,464,000. First Personal Financial Services grew its holdings in shares of Microchip Technology by 158.9% in the first quarter. First Personal Financial Services now owns 2,760 shares of the semiconductor company’s stock valued at $204,000 after purchasing an additional 1,694 shares in the last quarter. Commerce Bank grew its holdings in shares of Microchip Technology by 1.0% in the first quarter. Commerce Bank now owns 63,988 shares of the semiconductor company’s stock valued at $4,721,000 after purchasing an additional 638 shares in the last quarter. Finally, Mosaic Family Wealth LLC grew its holdings in shares of Microchip Technology by 1,246.8% in the first quarter. Mosaic Family Wealth LLC now owns 5,293 shares of the semiconductor company’s stock valued at $391,000 after purchasing an additional 4,900 shares in the last quarter. 98.68% of the stock is owned by institutional investors.
In related news, Director Wade F. Meyercord sold 1,300 shares of the 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 3,076 shares of the stock in a transaction dated Tuesday, August 22nd. The stock was 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 in the company, valued at approximately $1,167,997.07. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,829 shares of company stock worth $561,905. 2.13% of the stock is owned by corporate insiders.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at 89.62 on Friday. The company has a 50 day moving average price of $84.24 and a 200 day moving average price of $79.36. Microchip Technology Incorporated has a 12-month low of $57.52 and a 12-month high of $90.57. The company has a market capitalization of $20.86 billion, a P/E ratio of 48.29 and a beta of 1.04.
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. 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 for the quarter, compared to analyst estimates of $944.87 million. During the same quarter in the prior year, the company earned $0.84 EPS. Microchip Technology’s revenue was up 21.6% on a year-over-year basis. Equities analysts anticipate that Microchip Technology Incorporated will post $5.27 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Monday, August 21st were paid a dividend of $0.362 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Thursday, August 17th. This represents a $1.45 annualized dividend and a yield of 1.62%. Microchip Technology’s dividend payout ratio is presently 77.54%.
A number of research firms recently weighed in on MCHP. B. Riley reissued a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a report on Sunday, June 11th. BidaskClub raised shares of Microchip Technology from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 19th. Stifel Nicolaus raised their target price on shares of Microchip Technology from $88.00 to $89.00 and gave the company a “buy” rating in a report on Tuesday, June 6th. Jefferies Group LLC reissued a “buy” rating and issued a $94.00 target price (up from $92.00) on shares of Microchip Technology in a report on Friday, August 4th. Finally, Raymond James Financial, Inc. began coverage on shares of Microchip Technology in a report on Friday, June 16th. They issued an “outperform” rating and a $95.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Microchip Technology currently has an average rating of “Buy” and a consensus target price of $88.80.
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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