Conning Inc. raised its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 9.7% during the second quarter, Holdings Channel reports. The firm owned 5,085 shares of the company’s stock after buying an additional 450 shares during the period. Conning Inc.’s holdings in Microchip Technology were worth $258,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in MCHP. Capital Investment Advisors LLC raised its stake in shares of Microchip Technology by 1.1% in the second quarter. Capital Investment Advisors LLC now owns 7,745 shares of the company’s stock worth $393,000 after buying an additional 81 shares in the last quarter. Torch Wealth Management LLC raised its stake in shares of Microchip Technology by 0.4% in the second quarter. Torch Wealth Management LLC now owns 25,550 shares of the company’s stock worth $1,297,000 after buying an additional 100 shares in the last quarter. Canandaigua National Bank & Trust Co. raised its stake in shares of Microchip Technology by 1.6% in the second quarter. Canandaigua National Bank & Trust Co. now owns 11,355 shares of the company’s stock worth $576,000 after buying an additional 175 shares in the last quarter. Ancora Inverness LLC raised its stake in shares of Microchip Technology by 1.6% in the first quarter. Ancora Inverness LLC now owns 14,000 shares of the company’s stock worth $675,000 after buying an additional 222 shares in the last quarter. Finally, Peddock Capital Advisors LLC raised its stake in shares of Microchip Technology by 3.3% in the second quarter. Peddock Capital Advisors LLC now owns 10,278 shares of the company’s stock worth $522,000 after buying an additional 325 shares in the last quarter. Institutional investors and hedge funds own 99.08% of the company’s stock.
Microchip Technology Inc. (NASDAQ:MCHP) traded up 1.30% during mid-day trading on Wednesday, hitting $62.12. The stock had a trading volume of 1,401,918 shares. The firm’s 50-day moving average is $61.09 and its 200 day moving average is $53.81. Microchip Technology Inc. has a 12 month low of $39.01 and a 12 month high of $63.11. The company has a market cap of $13.37 billion, a price-to-earnings ratio of 167.44 and a beta of 1.11.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, August 8th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. The firm earned $799.40 million during the quarter, compared to the consensus estimate of $821.41 million. Microchip Technology had a return on equity of 24.87% and a net margin of 3.28%. The company’s quarterly revenue was up 58.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.69 earnings per share. Equities analysts anticipate that Microchip Technology Inc. will post $3.41 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were paid a $0.36 dividend. The ex-dividend date was Thursday, August 18th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.44 annualized dividend and a dividend yield of 2.32%. Microchip Technology’s dividend payout ratio is 400.00%.
Several research analysts have weighed in on MCHP shares. Needham & Company LLC boosted their price target on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, August 9th. Mizuho started coverage on Microchip Technology in a research report on Friday, September 30th. They set a “neutral” rating and a $67.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on Microchip Technology from $60.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 9th. Stifel Nicolaus boosted their price target on Microchip Technology from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, August 9th. Finally, Zacks Investment Research lowered Microchip Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $59.82.
In related news, CEO Steve Sanghi sold 60,129 shares of the stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $60.58, for a total transaction of $3,642,614.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,461 shares of the stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $60.95, for a total value of $149,997.95. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.
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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