Morgan Dempsey Capital Management LLC raised its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 29.2% during the second quarter, Holdings Channel reports. The firm owned 35,054 shares of the company’s stock after buying an additional 7,913 shares during the period. Morgan Dempsey Capital Management LLC’s holdings in Microchip Technology were worth $1,779,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Bank of Montreal Can acquired a new stake in shares of Microchip Technology during the second quarter worth about $25,177,000. Franklin Resources Inc. increased its stake in Microchip Technology by 35.6% in the first quarter. Franklin Resources Inc. now owns 1,815,649 shares of the company’s stock worth $87,513,000 after buying an additional 476,901 shares during the last quarter. Pictet Asset Management Ltd. increased its stake in Microchip Technology by 156.3% in the first quarter. Pictet Asset Management Ltd. now owns 427,630 shares of the company’s stock worth $19,025,000 after buying an additional 260,762 shares during the last quarter. Parametric Risk Advisors LLC purchased a new stake in Microchip Technology during the first quarter worth $10,106,000. Finally, Moore Capital Management LP purchased a new stake in Microchip Technology during the first quarter worth $9,640,000. Hedge funds and other institutional investors own 99.08% of the company’s stock.
Microchip Technology Inc. (NASDAQ:MCHP) traded up 0.74% during midday trading on Thursday, hitting $62.58. The company had a trading volume of 1,466,505 shares. Microchip Technology Inc. has a 52 week low of $39.01 and a 52 week high of $63.11. The stock has a 50 day moving average price of $61.09 and a 200 day moving average price of $53.81. The company has a market capitalization of $13.47 billion, a P/E ratio of 168.68 and a beta of 1.11.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, August 8th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Microchip Technology had a return on equity of 24.87% and a net margin of 3.28%. The company earned $799.40 million during the quarter, compared to analyst estimates of $821.41 million. During the same period in the prior year, the company earned $0.69 earnings per share. The firm’s revenue was up 58.1% on a year-over-year basis. Equities analysts forecast that Microchip Technology Inc. will post $3.41 earnings per share 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. This represents a $1.44 annualized dividend and a dividend yield of 2.32%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Thursday, August 18th. Microchip Technology’s dividend payout ratio (DPR) is presently 400.00%.
MCHP has been the subject of a number of recent research reports. Stifel Nicolaus boosted their target price on Microchip Technology from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, August 9th. B. Riley restated a “buy” rating and issued a $74.00 target price on shares of Microchip Technology in a research report on Tuesday, August 9th. Needham & Company LLC boosted their target price on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, August 9th. Credit Suisse Group AG restated a “buy” rating and issued a $67.00 target price on shares of Microchip Technology in a research report on Tuesday, August 9th. Finally, Citigroup Inc. boosted their target price on Microchip Technology from $54.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, August 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $59.82.
In other news, CEO Steve Sanghi sold 60,129 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $60.58, for a total value of $3,642,614.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,461 shares of the firm’s 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.
About Microchip Technology
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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