First Commonwealth Financial Corp PA purchased a new stake in Microchip Technology Inc. (NASDAQ:MCHP) in the 1st quarter, Holdings Channel reports. The fund purchased 4,103 shares of the semiconductor company’s stock, valued at approximately $375,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of MCHP. Quadrature Capital Ltd acquired a new position in shares of Microchip Technology during the fourth quarter valued at about $2,577,000. The Manufacturers Life Insurance Company grew its holdings in shares of Microchip Technology by 33.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 344,263 shares of the semiconductor company’s stock valued at $30,254,000 after buying an additional 86,077 shares during the last quarter. Brookmont Capital Management grew its holdings in shares of Microchip Technology by 34.4% during the fourth quarter. Brookmont Capital Management now owns 67,492 shares of the semiconductor company’s stock valued at $5,931,000 after buying an additional 17,280 shares during the last quarter. Meadow Creek Investment Management LLC grew its holdings in shares of Microchip Technology by 15.2% during the fourth quarter. Meadow Creek Investment Management LLC now owns 16,874 shares of the semiconductor company’s stock valued at $1,483,000 after buying an additional 2,222 shares during the last quarter. Finally, Cape ANN Savings Bank acquired a new position in shares of Microchip Technology during the fourth quarter valued at about $275,000.

Microchip Technology stock opened at $102.68 on Wednesday. Microchip Technology Inc. has a fifty-two week low of $75.80 and a fifty-two week high of $104.20. The stock has a market cap of $24.07 billion, a P/E ratio of 19.50, a PEG ratio of 1.18 and a beta of 1.13. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.43 and a current ratio of 1.66.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.13. Microchip Technology had a net margin of 6.41% and a return on equity of 38.62%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $984.80 million. During the same period in the previous year, the company earned $1.16 earnings per share. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. research analysts anticipate that Microchip Technology Inc. will post 6.18 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, June 4th. Investors of record on Monday, May 21st were issued a dividend of $0.3635 per share. The ex-dividend date was Friday, May 18th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.42%.

MCHP has been the subject of a number of analyst reports. ValuEngine cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Zacks Investment Research cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, April 5th. KeyCorp upgraded shares of Microchip Technology from a “sector weight” rating to an “overweight” rating in a report on Friday, March 2nd. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $92.00 to $110.00 in a report on Monday, March 5th. Finally, Goldman Sachs Group upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $95.57 to $108.00 in a report on Thursday, March 8th. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $110.17.

In other Microchip Technology news, VP Stephen V. Drehobl sold 4,696 shares of the business’s stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total value of $439,310.80. Following the transaction, the vice president now directly owns 19,711 shares in the company, valued at $1,843,964.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,308 shares of the business’s stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total transaction of $215,913.40. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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