25,000 Shares in Microchip Technology Incorporated (MCHP) Acquired by Bp Plc
Bp Plc bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, Holdings Channel reports. The firm bought 25,000 shares of the semiconductor company’s stock, valued at approximately $1,929,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Grove Bank & Trust raised its stake in Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after buying an additional 190 shares during the last quarter. Trust Co. of Vermont raised its stake in Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock worth $125,000 after buying an additional 136 shares during the last quarter. Smithfield Trust Co. raised its stake in Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after buying an additional 7 shares during the last quarter. Duncker Streett & Co. Inc. raised its stake in Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock worth $125,000 after buying an additional 503 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Microchip Technology during the first quarter worth $135,000. Hedge funds and other institutional investors own 98.67% of the company’s stock.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at 81.24 on Friday. The stock has a 50 day moving average price of $80.46 and a 200 day moving average price of $76.72. The firm has a market capitalization of $18.91 billion, a P/E ratio of 43.77 and a beta of 1.06. Microchip Technology Incorporated has a 12-month low of $57.52 and a 12-month high of $87.49.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The company had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. During the same period in the previous year, the business earned $0.84 EPS. Microchip Technology’s revenue for the quarter was up 21.6% compared to the same quarter last year. Equities analysts anticipate that Microchip Technology Incorporated will post $5.27 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be issued a $0.362 dividend. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.78%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 17th. Microchip Technology’s payout ratio is 77.54%.
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A number of research firms recently weighed in on MCHP. B. Riley restated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research note on Monday, May 8th. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note on Wednesday. Jefferies Group LLC restated a “buy” rating and set a $94.00 target price (up from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. Mizuho restated a “neutral” rating and set a $84.00 target price (up from $80.00) on shares of Microchip Technology in a research note on Wednesday. Finally, Credit Suisse Group restated a “buy” rating on shares of Microchip Technology in a research note on Friday, August 4th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $88.80.
In other news, CFO James Eric Bjornholt sold 2,510 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $201,527.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 3,974 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the sale, the vice president now owns 14,263 shares of the company’s stock, valued at $1,145,176.27. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.
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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