First Commonwealth Financial Corp PA boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 8.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,328 shares of the semiconductor company’s stock after purchasing an additional 585 shares during the quarter. First Commonwealth Financial Corp PA’s holdings in Microchip Technology were worth $657,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. Optimum Investment Advisors acquired a new stake in Microchip Technology during the 1st quarter valued at approximately $29,000. Almanack Investment Partners LLC. bought a new position in Microchip Technology during the third quarter worth $29,000. Live Oak Investment Partners acquired a new position in Microchip Technology in the fourth quarter valued at $30,000. VitalStone Financial LLC bought a new position in shares of Microchip Technology in the 1st quarter worth about $38,000. Finally, Milestone Investment Advisors LLC acquired a new position in shares of Microchip Technology in the 1st quarter valued at about $39,000. 90.85% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on MCHP. Susquehanna lowered their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Friday, November 3rd. StockNews.com downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. KeyCorp cut their price objective on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Friday, November 3rd. Needham & Company LLC decreased their target price on Microchip Technology from $100.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. Finally, Wells Fargo & Company increased their price target on Microchip Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Friday, August 4th. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $94.13.
In related news, CFO James Eric Bjornholt sold 2,363 shares of Microchip Technology stock in a transaction that occurred 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 sale, the chief financial officer now owns 32,004 shares of the company’s stock, valued at approximately $2,516,474.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.07% of the company’s stock.
Microchip Technology Stock Performance
Shares of NASDAQ:MCHP traded up $1.37 during midday trading on Friday, reaching $83.53. The company had a trading volume of 4,887,866 shares, compared to its average volume of 5,977,633. The stock has a market cap of $45.19 billion, a P/E ratio of 18.36, a P/E/G ratio of 1.31 and a beta of 1.60. The company’s 50 day moving average price is $77.13 and its 200 day moving average price is $80.76. The company has a current ratio of 1.03, a quick ratio of 0.64 and a debt-to-equity ratio of 0.63. Microchip Technology Incorporated has a 52-week low of $67.69 and a 52-week high of $94.30.
Microchip Technology Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 6th. Shareholders of record on Wednesday, November 22nd will be paid a $0.439 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.10%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Tuesday, November 21st. Microchip Technology’s payout ratio is presently 36.04%.
Microchip Technology Company Profile
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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