The Manufacturers Life Insurance Company decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 275,815 shares of the semiconductor company’s stock after selling 1,661 shares during the period. The Manufacturers Life Insurance Company’s holdings in Microchip Technology were worth $28,343,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mint Tower Capital Management B.V. bought a new position in shares of Microchip Technology during the second quarter valued at approximately $15,124,000. Victory Capital Management Inc. grew its stake in Microchip Technology by 32.8% in the third quarter. Victory Capital Management Inc. now owns 1,580,259 shares of the semiconductor company’s stock worth $162,387,000 after purchasing an additional 390,555 shares in the last quarter. Coho Partners Ltd. grew its stake in Microchip Technology by 0.8% in the third quarter. Coho Partners Ltd. now owns 1,563,236 shares of the semiconductor company’s stock worth $160,638,000 after purchasing an additional 12,465 shares in the last quarter. Swiss National Bank grew its stake in Microchip Technology by 0.8% in the third quarter. Swiss National Bank now owns 954,984 shares of the semiconductor company’s stock worth $98,134,000 after purchasing an additional 7,600 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in Microchip Technology by 11.9% in the third quarter. First Trust Advisors LP now owns 953,040 shares of the semiconductor company’s stock worth $97,934,000 after purchasing an additional 101,724 shares in the last quarter. 98.20% of the stock is currently owned by hedge funds and other institutional investors.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,893 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $108.39, for a total transaction of $313,572.27. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Wade F. Meyercord sold 1,000 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $110.89, for a total value of $110,890.00. Following the sale, the director now directly owns 8,392 shares in the company, valued at $930,588.88. The disclosure for this sale can be found here. Insiders have sold a total of 10,599 shares of company stock worth $1,202,988 over the last ninety days. 2.15% of the stock is owned by insiders.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, November 5th. The semiconductor company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.26 billion. Microchip Technology had a return on equity of 24.31% and a net margin of 12.23%. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period last year, the firm earned $1.43 EPS. Analysts forecast that Microchip Technology Incorporated will post 5.38 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Friday, November 20th will be given a dividend of $0.3685 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.37. This represents a $1.47 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Thursday, November 19th. Microchip Technology’s dividend payout ratio (DPR) is currently 28.38%.
MCHP has been the topic of several research analyst reports. Rosenblatt Securities increased their price objective on Microchip Technology from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, November 6th. BidaskClub raised Microchip Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th. Cowen increased their target price on Microchip Technology from $102.00 to $125.00 and gave the company a “market perform” rating in a research report on Friday, November 6th. Zacks Investment Research cut Microchip Technology from a “buy” rating to a “hold” rating and set a $130.00 target price on the stock. in a research report on Thursday, November 12th. Finally, Smith Barney Citigroup cut Microchip Technology from a “buy” rating to a “neutral” rating in a research report on Friday, November 6th. Six analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Microchip Technology has a consensus rating of “Buy” and an average target price of $124.79.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive, industrial, computing, communication, lighting, power supplies, motor control, human machine interface, security, and wired and wireless connectivity applications.
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