Legal & General Group Plc Buys 55,450 Shares of Microchip Technology Incorporated (MCHP)
Legal & General Group Plc lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,102,683 shares of the semiconductor company’s stock after purchasing an additional 55,450 shares during the quarter. Legal & General Group Plc owned about 0.47% of Microchip Technology worth $98,997,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of MCHP. ING Groep NV acquired a new stake in shares of Microchip Technology in the second quarter valued at approximately $326,000. Municipal Employees Retirement System of Michigan increased its holdings in shares of Microchip Technology by 102.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 14,130 shares of the semiconductor company’s stock valued at $1,090,000 after purchasing an additional 7,160 shares during the last quarter. IBM Retirement Fund increased its holdings in shares of Microchip Technology by 120.8% in the second quarter. IBM Retirement Fund now owns 5,169 shares of the semiconductor company’s stock valued at $446,000 after purchasing an additional 2,828 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in Microchip Technology by 2.3% during the second quarter. Janney Montgomery Scott LLC now owns 44,336 shares of the semiconductor company’s stock worth $3,422,000 after acquiring an additional 985 shares during the last quarter. Finally, CIBC Asset Management Inc increased its stake in Microchip Technology by 4.9% during the second quarter. CIBC Asset Management Inc now owns 27,329 shares of the semiconductor company’s stock worth $2,109,000 after acquiring an additional 1,273 shares during the last quarter.
MCHP has been the subject of several recent analyst reports. Credit Suisse Group reissued a “buy” rating on shares of Microchip Technology in a research note on Friday, August 4th. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Friday, November 10th. BidaskClub raised 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 stock a “buy” rating in a research note on Tuesday, November 7th. Finally, J P Morgan Chase & Co reissued an “overweight” rating and set a $120.00 target price on shares of Microchip Technology in a research note on Tuesday, November 7th. Five investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $99.41.
In other news, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the completion of the transaction, the vice president now directly owns 15,767 shares in the company, valued at $1,445,203.22. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 1,801 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $165,079.66. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
Microchip Technology Incorporated (MCHP) opened at $87.00 on Friday. Microchip Technology Incorporated has a 52-week low of $60.85 and a 52-week high of $95.92. The company has a market capitalization of $20,347.43, a price-to-earnings ratio of 18.43, a PEG ratio of 1.39 and a beta of 1.00. The company has a debt-to-equity ratio of 0.85, a quick ratio of 2.71 and a current ratio of 3.33.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 EPS for the quarter, topping the 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 business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period last year, the business posted $0.94 earnings per share. The company’s quarterly revenue was up 16.2% on a year-over-year basis. equities research analysts predict that Microchip Technology Incorporated will post 5.12 EPS 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 given a dividend of $0.3625 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Monday, November 20th. Microchip Technology’s dividend payout ratio (DPR) is currently 58.00%.
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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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