Charles Schwab Investment Management Inc. increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 0.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,804,189 shares of the semiconductor company’s stock after purchasing an additional 14,652 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Microchip Technology were worth $234,935,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Optimum Investment Advisors bought a new position in shares of Microchip Technology in the first quarter valued at $29,000. Almanack Investment Partners LLC. bought a new position in shares of Microchip Technology in the third quarter valued at $29,000. Live Oak Investment Partners bought a new position in shares of Microchip Technology in the fourth quarter valued at $30,000. CoreCap Advisors LLC bought a new position in shares of Microchip Technology in the fourth quarter valued at $40,000. Finally, Covestor Ltd increased its holdings in shares of Microchip Technology by 48.2% in the first quarter. Covestor Ltd now owns 569 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 185 shares in the last quarter. Institutional investors own 90.85% of the company’s stock.
Analysts Set New Price Targets
MCHP has been the topic of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Monday, August 7th. Susquehanna lowered their price objective on shares of Microchip Technology from $105.00 to $100.00 and set a “positive” rating on the stock in a research report on Friday, August 4th. Morgan Stanley lifted their price objective on shares of Microchip Technology from $97.00 to $101.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. Wells Fargo & Company lifted their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 4th. Finally, TD Cowen lowered their price objective on shares of Microchip Technology from $85.00 to $80.00 and set a “market perform” rating on the stock in a research report on Friday, May 5th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.18.
Microchip Technology Trading Up 0.0 %
Shares of NASDAQ:MCHP opened at $81.99 on Thursday. The stock has a market capitalization of $44.63 billion, a PE ratio of 18.98, a P/E/G ratio of 1.15 and a beta of 1.60. Microchip Technology Incorporated has a 1 year low of $54.77 and a 1 year high of $94.30. The firm has a fifty day moving average price of $86.23 and a 200 day moving average price of $81.91. The company has a current ratio of 1.02, a quick ratio of 0.60 and a debt-to-equity ratio of 0.68.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.64. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Microchip Technology had a net margin of 27.35% and a return on equity of 51.51%. Microchip Technology’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.30 earnings per share. Analysts expect that Microchip Technology Incorporated will post 5.8 EPS for the current fiscal year.
Microchip Technology Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Tuesday, August 22nd will be issued a $0.41 dividend. The ex-dividend date of this dividend is Monday, August 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.38. This represents a $1.64 dividend on an annualized basis and a yield of 2.00%. Microchip Technology’s dividend payout ratio is currently 37.96%.
Insider Buying and Selling
In related news, CFO James Eric Bjornholt sold 2,363 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $78.63, for a total value of $185,802.69. Following the completion of the sale, the chief financial officer now directly owns 32,004 shares in the company, valued at $2,516,474.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is currently owned by corporate insiders.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells 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; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
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