Bourne Lent Asset Management Inc. Has $357,000 Stake in Microchip Technology Inc. (MCHP)
Bourne Lent Asset Management Inc. held its stake in Microchip Technology Inc. (NASDAQ:MCHP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,025 shares of the company’s stock at the end of the second quarter. Bourne Lent Asset Management Inc.’s holdings in Microchip Technology were worth $357,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Creative Planning boosted its stake in Microchip Technology by 92.4% in the second quarter. Creative Planning now owns 3,079 shares of the company’s stock valued at $156,000 after buying an additional 1,479 shares during the last quarter. IFP Advisors Inc boosted its stake in Microchip Technology by 67.8% in the first quarter. IFP Advisors Inc now owns 3,422 shares of the company’s stock valued at $165,000 after buying an additional 1,383 shares during the last quarter. Cape ANN Savings Bank acquired a new stake in Microchip Technology during the second quarter valued at $207,000. Atria Investments LLC acquired a new stake in Microchip Technology during the second quarter valued at $227,000. Finally, FDO Partners LLC boosted its stake in Microchip Technology by 15.8% in the first quarter. FDO Partners LLC now owns 5,443 shares of the company’s stock valued at $262,000 after buying an additional 743 shares during the last quarter. 99.08% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Microchip Technology Inc. (NASDAQ:MCHP) traded up 1.53% during midday trading on Wednesday, hitting $61.12. The stock had a trading volume of 1,424,294 shares. The company has a market cap of $13.16 billion, a PE ratio of 164.74 and a beta of 1.08. Microchip Technology Inc. has a 52-week low of $39.01 and a 52-week high of $63.11. The company’s 50 day moving average is $60.17 and its 200 day moving average is $52.78.
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. On average, analysts anticipate that Microchip Technology Inc. will post $3.41 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, August 18th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.44 dividend on an annualized basis and a yield of 2.36%. Microchip Technology’s dividend payout ratio is presently 400.00%.
Several research firms have weighed in on MCHP. B. Riley reaffirmed a “buy” rating and issued a $74.00 price target on shares of Microchip Technology in a report on Sunday, August 14th. Jefferies Group raised their price objective on Microchip Technology from $56.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Credit Suisse Group AG reissued a “buy” rating and set a $67.00 price objective on shares of Microchip Technology in a report on Tuesday, August 9th. Citigroup Inc. raised their price objective on Microchip Technology from $54.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Finally, Zacks Investment Research cut Microchip Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 7th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $59.34.
In related news, VP Richard J. Simoncic sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $60.47, for a total transaction of $1,209,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Sanghi sold 28,771 shares of the stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $61.02, for a total value of $1,755,606.42. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
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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