Barrow Hanley Mewhinney & Strauss LLC Reduces Stake in Microchip Technology Incorporated (MCHP)
Barrow Hanley Mewhinney & Strauss LLC decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,861,743 shares of the semiconductor company’s stock after selling 32,153 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC owned about 1.65% of Microchip Technology worth $346,708,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in MCHP. Janus Henderson Group PLC grew its holdings in shares of Microchip Technology by 2,959.9% in the second quarter. Janus Henderson Group PLC now owns 8,073,264 shares of the semiconductor company’s stock valued at $623,093,000 after purchasing an additional 7,809,422 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Microchip Technology by 66.5% in the second quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock valued at $484,434,000 after purchasing an additional 2,507,707 shares during the period. Fred Alger Management Inc. grew its holdings in shares of Microchip Technology by 80.9% in the second quarter. Fred Alger Management Inc. now owns 3,349,037 shares of the semiconductor company’s stock valued at $258,479,000 after purchasing an additional 1,497,699 shares during the period. Vanguard Group Inc. grew its holdings in shares of Microchip Technology by 4.6% in the second quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock valued at $1,823,190,000 after purchasing an additional 1,042,622 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in shares of Microchip Technology by 75.5% in the second quarter. Ameriprise Financial Inc. now owns 2,403,141 shares of the semiconductor company’s stock valued at $185,475,000 after purchasing an additional 1,033,992 shares during the period.
MCHP has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Friday, November 10th. Morgan Stanley upped their price objective on shares of Microchip Technology from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday. Jefferies Group upped their price objective on shares of Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, November 7th. J P Morgan Chase & Co reissued an “overweight” rating and issued a $120.00 price objective on shares of Microchip Technology in a report on Tuesday, November 7th. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $110.00 price objective (up previously from $95.00) on shares of Microchip Technology in a report on Tuesday, November 7th. 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. Microchip Technology presently has a consensus rating of “Buy” and an average price target of $99.71.
In related news, 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 sale, the vice president now owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,801 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 transaction of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.
Shares of Microchip Technology Incorporated (MCHP) opened at $85.47 on Friday. The stock has a market cap of $20,110.00, a PE ratio of 18.19, a PEG ratio of 1.37 and a beta of 0.99. Microchip Technology Incorporated has a 1 year low of $62.21 and a 1 year high of $95.92. 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 issued its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.14. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The business’s quarterly revenue was up 16.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. research analysts expect that Microchip Technology Incorporated will post 5.12 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st were given a dividend of $0.3625 per share. This represents a $1.45 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend was Monday, November 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is currently 58.00%.
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Microchip Technology 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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