Glenmead Trust, NA increased its stake in Microchip Technology Incorporated (NASDAQ: MCHP – Get Rating ) stock by 19.8% during the third quarter, according to the company’s most recent SEC filing . The institutional investor owns 114,778 shares of the semiconductor company after purchasing an additional 18,962 shares during the quarter. Glenmead Trust NA’s stake in Microchip Technology was valued at $7,004,000 at the end of the most recent quarter.
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A number of other hedge funds have also recently bought and sold MCHP stock. Carl P. Sherr & Co. LLC increased its stake in Microchip Technology by 1.2 percent in the third quarter. Carl P. Sherr & Co. LLC now owns 12,299 shares of the semiconductor company worth $751,000 after acquiring an additional 140 shares last quarter. National Financial Advisors’ stake in Microchip Technology stock increased 8.7% in the third quarter. National Financial Advisors now owns 1,819 shares of the semiconductor company worth $111,000 after acquiring an additional 145 shares last quarter. Avestar Capital LLC increased its stake in Microchip Technology stock by 1.7 percent in the second quarter. Avestar Capital LLC now owns 9,929 shares of the semiconductor company worth $577,000 after acquiring an additional 163 shares last quarter. During the second quarter, Kinneret Advisory LLC’s stake in Microchip Technology increased 2.2 percent. Kinneret Advisory LLC now owns 7,658 shares of the semiconductor company worth $445,000 after buying an additional 163 shares last quarter. Finally, First Commonwealth Financial Corp PA increased its stake in Microchip Technology stock by 2.1% during the third quarter. First Commonwealth Financial Corp PA now owns 8,334 shares of the semiconductor company worth $509,000 after buying an additional 174 shares last quarter. Institutional investors and hedge funds own 89.85% of the company.
Microchip Technology shares fell 0.3%
Shares of MCHP on Nasdaq were down 26 cents at midday Friday, touching $78.00. The company’s stock volume was 1,491,967 shares compared to its average volume of 3,846,059 shares. Microchip Technology Incorporated had a 12-month low of $54.33 and a 12-month high of $80.50. The company’s debt-to-equity ratio is 1.03, the quick ratio is 0.65, and the current ratio is 1.05. The stock has a 50-day moving average of $73.89 and a 200-day moving average of $68.54. The company has a market cap of $42.9 billion, a P/E ratio of 23.93, a P/E ratio of 0.82, and a beta of 1.59.
Microchip Technology (NASDAQ: MCHP – Get Rating ) last reported quarterly earnings data on Thursday, November 3rd. The semiconductor company reported EPS of $1.39 for the quarter, beating analysts’ consensus estimate of $1.37 by $0.02. Microchip Technology has a net profit margin of 24.14% and a return on equity of 47.90%. The company’s revenue for the quarter was $2.07 billion, compared with the consensus estimate of $2.06 billion. As a whole, analysts expect Microchip Technology Incorporated to report earnings of $5.66 per share this year.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which is paid on Tuesday, December 6th. Shareholders of record on Tuesday, November 22 received a dividend of $0.328. This represents an annualized dividend of $1.31 and a dividend yield of 1.68%. The ex-dividend date for this dividend is Monday, November 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.30. Microchip Technology’s dividend payout ratio (DPR) is 40.06%.
Internal Activities at Microchip Technology
In other news, director Karlton D. Johnson sold 927 shares of Microchip Technology stock in a trade that occurred on Monday, November 7. These shares sold for an average of $64.54, for a total value of $59,828.58. Following the transaction, the director now owns 1,369 shares of the company, worth approximately $88,355.26. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed at this link. 2.00% of the stock is currently owned by company insiders.
Wall Street analysts forecast growth
Many analysts have weighed in on MCHP stock. UBS AG cut their price target on Microchip Technology from $100.00 to $90.00 in a report on Friday, November 4th. StockNews.com covered Microchip Technology in a research report on Wednesday, October 12th. They have a “buy” rating on the stock. Mizuho cut their price target on Microchip Technology from $75.00 to $72.00 and set a “neutral” rating on the stock in a report on Friday, November 4th. Morgan Stanley cut their price target on Microchip Technology from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, November 4th. Finally, Credit Suisse Group began coverage on Microchip Technology in a report on Tuesday, November 15th. They have a “neutral” rating and $85.00 price target on the stock. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating on the stock. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $84.85.
Microchip Technology Brief
Microchip Technology Incorporated develops, manufactures and markets smart, connected and secure embedded control solutions in the Americas, Europe and Asia. The company offers general-purpose 8-bit, 16-bit, and 32-bit microcontrollers; the 32-bit embedded microprocessor market; and Dedicated microcontrollers for connectivity and wireless connectivity applications.
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