Ridgewood Investments LLC Sells 10,249 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)
Ridgewood Investments LLC lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 58.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,318 shares of the semiconductor company’s stock after selling 10,249 shares during the period. Ridgewood Investments LLC’s holdings in Microchip Technology were worth $565,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Smithfield Trust Co. boosted its position in shares of Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares during the period. Keel Point LLC boosted its position in shares of Microchip Technology by 0.3% in the first quarter. Keel Point LLC now owns 3,575 shares of the semiconductor company’s stock valued at $264,000 after buying an additional 11 shares during the period. Nicolet Bankshares Inc. boosted its position in shares of Microchip Technology by 0.3% in the second quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock valued at $281,000 after buying an additional 11 shares during the period. Mission Wealth Management LLC boosted its position in shares of Microchip Technology by 0.7% in the first quarter. Mission Wealth Management LLC now owns 3,616 shares of the semiconductor company’s stock valued at $267,000 after buying an additional 26 shares during the period. Finally, Cleararc Capital Inc. boosted its position in shares of Microchip Technology by 0.8% in the first quarter. Cleararc Capital Inc. now owns 5,295 shares of the semiconductor company’s stock valued at $391,000 after buying an additional 43 shares during the period. 98.67% of the stock is owned by hedge funds and other institutional investors.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at 82.21 on Friday. Microchip Technology Incorporated has a 52-week low of $57.52 and a 52-week high of $87.49. The firm has a market cap of $19.13 billion, a price-to-earnings ratio of 44.29 and a beta of 1.06. The company’s 50-day moving average is $80.52 and its 200 day moving average is $76.82.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.17. The company had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. Microchip Technology’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.84 EPS. On average, analysts expect that Microchip Technology Incorporated will post $5.27 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be given a dividend of $0.362 per share. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $1.45 dividend on an annualized basis and a yield of 1.76%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is presently 77.54%.
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Several research analysts recently issued reports on the stock. B. Riley reissued a “buy” rating and set a $115.00 target price on shares of Microchip Technology in a report on Sunday, June 11th. Stifel Nicolaus raised their target price on shares of Microchip Technology from $88.00 to $89.00 and gave the stock a “buy” rating in a report on Tuesday, June 6th. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $94.00 target price (up previously from $92.00) on shares of Microchip Technology in a report on Friday, August 4th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Microchip Technology has a consensus rating of “Buy” and an average price target of $88.80.
In other Microchip Technology news, VP Stephen V. Drehobl sold 3,974 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the completion of the transaction, the vice president now owns 14,263 shares in the company, valued at approximately $1,145,176.27. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,510 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $201,527.90. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate 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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