Empirical Financial Services LLC Takes $1.38 Million Position in Microchip Technology Incorporated (MCHP)
Empirical Financial Services LLC acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 15,415 shares of the semiconductor company’s stock, valued at approximately $1,384,000.
A number of other large investors also recently bought and sold shares of MCHP. Smithfield Trust Co. raised its holdings 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 acquiring an additional 7 shares in the last quarter. Nicolet Bankshares Inc. raised its stake in Microchip Technology by 0.3% in the 2nd quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock valued at $281,000 after purchasing an additional 11 shares during the last quarter. Commonwealth Bank of Australia grew its holdings in Microchip Technology by 1.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after buying an additional 29 shares during the period. Girard Partners LTD. grew its holdings in shares of Microchip Technology by 0.9% during the 2nd quarter. Girard Partners LTD. now owns 3,731 shares of the semiconductor company’s stock worth $288,000 after purchasing an additional 33 shares during the period. Finally, Meiji Yasuda Life Insurance Co grew its holdings in shares of Microchip Technology by 0.6% during the 2nd quarter. Meiji Yasuda Life Insurance Co now owns 16,221 shares of the semiconductor company’s stock worth $1,252,000 after purchasing an additional 100 shares during the period.
MCHP has been the subject of a number of analyst reports. Credit Suisse Group restated a “buy” rating on shares of Microchip Technology in a report on Friday, August 4th. Zacks Investment Research upgraded Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Friday, November 10th. BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. Jefferies Group raised their target price on Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, November 7th. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $120.00 target price on shares of Microchip Technology in a research note on Tuesday, November 7th. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $99.41.
Shares of Microchip Technology Incorporated (MCHP) opened at $86.99 on Friday. The stock has a market capitalization of $21,187.15, a PE ratio of 19.19, a P/E/G ratio of 1.45 and a beta of 1.05. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71. Microchip Technology Incorporated has a one year low of $60.77 and a one year high of $95.92.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.14. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the business earned $0.94 EPS. The business’s quarterly revenue was up 16.2% on a year-over-year basis. analysts predict that Microchip Technology Incorporated will post 5.12 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st will be paid a dividend of $0.3625 per share. The ex-dividend date of this dividend is Monday, November 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.67%. Microchip Technology’s dividend payout ratio (DPR) is 58.00%.
In other news, CFO James Eric Bjornholt sold 1,801 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the completion of the sale, the vice president now directly owns 15,767 shares in the company, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.
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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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