Schroder Investment Management Group reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 17.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 402,662 shares of the semiconductor company’s stock after selling 85,803 shares during the quarter. Schroder Investment Management Group owned 0.17% of Microchip Technology worth $35,893,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Grove Bank & Trust boosted its stake in Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares in the last quarter. Amica Retiree Medical Trust bought a new position in Microchip Technology in the third quarter valued at about $121,000. Smithfield Trust Co. raised its position 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 purchasing an additional 7 shares during the last quarter. Commonwealth Bank of Australia raised its position in Microchip Technology by 1.4% in the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after purchasing an additional 29 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its position in Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after purchasing an additional 1,807 shares during the last quarter.
In related news, CFO James Eric Bjornholt sold 1,801 shares of the business’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 $165,079.66. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 2,852 shares of the business’s stock in a transaction 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 in the company, valued at $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The business’s revenue was up 16.2% on a year-over-year basis. research analysts forecast that Microchip Technology Incorporated will post 5.12 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be given a $0.3625 dividend. The ex-dividend date is Monday, November 20th. This represents a $1.45 annualized dividend and a yield of 1.67%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 58.00%.
Several equities analysts have commented on the company. B. Riley reiterated a “buy” rating and issued a $120.00 target price on shares of Microchip Technology in a research report on Wednesday, August 9th. BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. Needham & Company LLC restated a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a research report on Tuesday, September 19th. Zacks Investment Research downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. Finally, Mizuho restated a “neutral” rating and set a $84.00 price objective (up from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $99.41.
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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