California Public Employees Retirement System increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 476,718 shares of the semiconductor company’s stock after purchasing an additional 17,658 shares during the period. California Public Employees Retirement System owned 0.20% of Microchip Technology worth $42,800,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Zions Bancorporation grew its stake in shares of Microchip Technology by 215.5% during the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after purchasing an additional 836 shares in the last quarter. Amica Retiree Medical Trust acquired a new position in shares of Microchip Technology during the third quarter worth $121,000. Valeo Financial Advisors LLC acquired a new position in shares of Microchip Technology during the third quarter worth $146,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Microchip Technology by 608.4% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after purchasing an additional 1,807 shares in the last quarter. Finally, Commonwealth Bank of Australia boosted its stake in Microchip Technology by 1.4% in the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after acquiring an additional 29 shares in the last quarter.
In other news, CFO James Eric Bjornholt sold 1,801 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 2,852 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the sale, 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. 2.13% of the stock is currently owned by corporate insiders.
Several equities analysts have issued reports on MCHP shares. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Friday, November 10th. Morgan Stanley upped their price objective on shares of Microchip Technology from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday. Jefferies Group upped their price objective on shares of Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, November 7th. J P Morgan Chase & Co restated an “overweight” rating and issued a $120.00 price objective on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, Credit Suisse Group restated an “outperform” rating and issued a $110.00 price objective (up previously from $95.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $99.71.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at $86.75 on Friday. Microchip Technology Incorporated has a 12 month low of $62.21 and a 12 month high of $95.92. The firm has a market cap of $20,209.43, a PE ratio of 18.31, a PEG ratio of 1.38 and a beta of 1.00. The company has a current ratio of 3.33, a quick ratio of 2.71 and a debt-to-equity ratio of 0.85.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.14. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was up 16.2% compared to the same quarter last year. research analysts expect that Microchip Technology Incorporated will post 5.12 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st were paid a dividend of $0.3625 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Monday, November 20th. This represents a $1.45 annualized dividend and a dividend yield of 1.67%. Microchip Technology’s dividend payout ratio is 58.00%.
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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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