Microchip Technology Incorporated (MCHP) Holdings Reduced by Payden & Rygel
Payden & Rygel trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 97.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,100 shares of the semiconductor company’s stock after selling 170,200 shares during the period. Payden & Rygel’s holdings in Microchip Technology were worth $458,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of MCHP. Amica Retiree Medical Trust bought a new position in shares of Microchip Technology during the 3rd quarter valued at $121,000. Smithfield Trust Co. lifted its holdings in shares of 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 buying an additional 7 shares during the period. Commonwealth Bank of Australia lifted its holdings in shares of Microchip Technology by 1.4% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after buying an additional 29 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Microchip Technology by 608.4% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after buying an additional 1,807 shares during the period. Finally, Dearborn Partners LLC bought a new position in shares of Microchip Technology during the 2nd quarter valued at $201,000.
Several equities analysts have recently weighed in on the company. Mizuho reissued a “neutral” rating and set a $84.00 price target (up from $80.00) on shares of Microchip Technology in a report on Wednesday, August 9th. Morgan Stanley reissued an “overweight” rating and set a $94.00 price target on shares of Microchip Technology in a report on Wednesday, September 20th. Needham & Company LLC increased their price target on Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a report on Tuesday, November 7th. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a report on Saturday, September 30th. Finally, Zacks Investment Research cut Microchip Technology from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Microchip Technology presently has an average rating of “Buy” and an average target price of $99.41.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.14. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the business posted $0.94 EPS. Microchip Technology’s revenue for the quarter was up 16.2% compared to the same quarter last year. equities analysts expect that Microchip Technology Incorporated will post 5.12 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were paid a $0.3625 dividend. This represents a $1.45 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date was Monday, November 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is presently 58.00%.
In other news, CFO James Eric Bjornholt sold 1,801 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.
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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