Aberdeen Group plc Purchases 1,856,181 Shares of Microchip Technology Incorporated $MCHP

Aberdeen Group plc grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 403.4% in the 3rd quarter, Holdings Channel reports. The firm owned 2,316,355 shares of the semiconductor company’s stock after purchasing an additional 1,856,181 shares during the period. Aberdeen Group plc’s holdings in Microchip Technology were worth $180,143,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of MCHP. TOP Private Wealth LLC. bought a new stake in shares of Microchip Technology in the second quarter worth $29,000. Continuum Advisory LLC purchased a new position in shares of Microchip Technology during the second quarter valued at about $30,000. Johnson Financial Group Inc. purchased a new stake in shares of Microchip Technology in the second quarter worth about $31,000. Rakuten Securities Inc. purchased a new stake in shares of Microchip Technology in the second quarter worth about $34,000. Finally, GK Wealth Management LLC bought a new position in Microchip Technology during the third quarter valued at approximately $29,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wells Fargo & Company cut their price target on Microchip Technology from $80.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday, November 6th. BMO Capital Markets assumed coverage on Microchip Technology in a research report on Friday, August 21st. They set an “outperform” rating and a $95.00 target price for the company. Needham & Company LLC lowered their target price on Microchip Technology from $120.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 6th. UBS Group reaffirmed a “buy” rating and set a $120.00 price target (down from $130.00) on shares of Microchip Technology in a research note on Friday, August 7th. Finally, Cantor Fitzgerald lowered their price objective on shares of Microchip Technology from $125.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, November 6th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.18.

Microchip Technology Stock Down 0.6%

Shares of NASDAQ:MCHP opened at $61.68 on Friday. Microchip Technology Incorporated has a 1 year low of $48.52 and a 1 year high of $105.91. The business has a 50 day simple moving average of $73.73 and a two-hundred day simple moving average of $79.07. The firm has a market capitalization of $33.57 billion, a PE ratio of 46.73, a price-to-earnings-growth ratio of 0.70 and a beta of 1.84. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.24 and a quick ratio of 1.33.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, November 5th. The semiconductor company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. Microchip Technology had a return on equity of 20.32% and a net margin of 14.96%. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the firm posted $0.35 earnings per share. The business’s revenue was up 42.2% compared to the same quarter last year. On average, equities analysts predict that Microchip Technology Incorporated will post 3.19 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 8th. Investors of record on Monday, November 23rd will be issued a $0.4550 dividend. The ex-dividend date is Monday, November 23rd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.0%. Microchip Technology’s payout ratio is presently 137.88%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Bjornholt sold 4,112 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $75.32, for a total transaction of $309,715.84. Following the transaction, the chief financial officer directly owned 28,573 shares in the company, valued at $2,152,118.36. This trade represents a 12.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.79% of the stock is currently owned by company insiders.

Microchip Technology Company Profile

Microchip Technology is a semiconductor company that develops and supplies components and systems for embedded control and connected applications. Its products include microcontrollers, microprocessors, analog and power-management devices, field-programmable gate arrays, timing products, and connectivity and security solutions. The company’s products are used in a range of markets, including automotive, industrial, communications, data center, consumer, and aerospace and defense. Microchip also provides development tools, software, and technical support to help customers design and build electronic systems.