Orleans Capital Management Corp LA Decreases Holdings in Microchip Technology Incorporated (MCHP)
Orleans Capital Management Corp LA lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 32,291 shares of the semiconductor company’s stock after selling 3,056 shares during the period. Microchip Technology accounts for approximately 2.2% of Orleans Capital Management Corp LA’s portfolio, making the stock its 15th biggest holding. Orleans Capital Management Corp LA’s holdings in Microchip Technology were worth $2,899,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in MCHP. Zions Bancorporation lifted its holdings in Microchip Technology by 215.5% in the 3rd quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after purchasing an additional 836 shares in the last quarter. Amica Retiree Medical Trust acquired a new stake in shares of Microchip Technology in the 3rd quarter worth $121,000. Valeo Financial Advisors LLC acquired a new stake in shares of Microchip Technology in the 3rd quarter worth $146,000. Commonwealth Bank of Australia increased its stake in shares of Microchip Technology by 1.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after acquiring an additional 29 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its stake in shares of Microchip Technology by 608.4% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after acquiring an additional 1,807 shares during the last quarter.
MCHP has been the subject of a number of recent research reports. 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $120.00 target price on shares of Microchip Technology in a research note on Friday, September 8th. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, November 1st. Credit Suisse Group reaffirmed an “outperform” rating and issued a $110.00 target price (up from $95.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, SunTrust Banks reaffirmed a “hold” rating and issued a $90.00 target price on shares of Microchip Technology in a research note on Thursday, October 12th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $99.71.
Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at $86.40 on Thursday. The company has a current ratio of 3.33, a quick ratio of 2.71 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $20,440.99, a PE ratio of 18.51, a P/E/G ratio of 1.40 and a beta of 1.00. Microchip Technology Incorporated has a 52-week low of $62.21 and a 52-week high of $95.92.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.14. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The company’s quarterly revenue was up 16.2% on a year-over-year basis. During the same period last year, the company earned $0.94 EPS. analysts predict that Microchip Technology Incorporated will post 5.12 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st were given a dividend of $0.3625 per share. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.68%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Monday, November 20th. Microchip Technology’s dividend payout ratio (DPR) is presently 58.00%.
In related news, CFO James Eric Bjornholt sold 1,801 shares of the firm’s 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $261,414.32. Following the sale, the vice president now directly owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company 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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