Microchip Technology Incorporated (MCHP) Stake Cut by DE Burlo Group Inc.
DE Burlo Group Inc. decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 14.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 156,933 shares of the semiconductor company’s stock after selling 26,700 shares during the period. Microchip Technology comprises about 2.7% of DE Burlo Group Inc.’s portfolio, making the stock its 14th largest position. DE Burlo Group Inc.’s holdings in Microchip Technology were worth $12,112,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Grove Bank & Trust raised its stake in shares of 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 in the last quarter. Duncker Streett & Co. Inc. increased 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 valued at $125,000 after buying an additional 503 shares during the last quarter. Trust Co. of Vermont increased 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 valued at $125,000 after buying an additional 136 shares during the last quarter. Smithfield Trust Co. increased 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 valued at $126,000 after buying an additional 7 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Microchip Technology during the first quarter valued at $135,000. 98.67% of the stock is owned by institutional investors.
Microchip Technology Incorporated (NASDAQ MCHP) opened at 84.16 on Thursday. The stock has a market capitalization of $19.59 billion, a PE ratio of 45.34 and a beta of 1.06. The company’s 50-day moving average price is $80.86 and its 200-day moving average price is $77.23. Microchip Technology Incorporated has a one year low of $57.52 and a one year high of $87.49.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.17. The firm had revenue of $972.10 million during the quarter, compared to analyst estimates of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 earnings per share. Equities research analysts predict that Microchip Technology Incorporated will post $5.27 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be paid a $0.362 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Thursday, August 17th. Microchip Technology’s dividend payout ratio is presently 77.54%.
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Several research firms recently weighed in on MCHP. Credit Suisse Group restated an “outperform” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, June 7th. Mizuho restated a “neutral” rating and set a $80.00 price objective (up previously from $75.00) on shares of Microchip Technology in a report on Wednesday, June 7th. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. B. Riley restated a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a report on Wednesday, August 9th. Finally, Rosenblatt Securities restated a “buy” rating and set a $102.00 price objective (up previously from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $88.80.
In related news, VP Stephen V. Drehobl sold 3,974 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 value of $319,072.46. Following the completion of the transaction, the vice president now directly owns 14,263 shares in the company, valued at $1,145,176.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Wade F. Meyercord sold 1,300 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The disclosure for this sale can be found here. Insiders sold 7,784 shares of company stock valued at $629,735 over the last quarter. Insiders own 2.13% of the company’s stock.
Microchip Technology Company Profile
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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