Huntington National Bank boosted its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 10.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,594 shares of the semiconductor company’s stock after acquiring an additional 550 shares during the period. Huntington National Bank’s holdings in Microchip Technology were worth $492,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Fox Run Management L.L.C. lifted its stake in Microchip Technology by 248.8% in the third quarter. Fox Run Management L.L.C. now owns 15,000 shares of the semiconductor company’s stock valued at $1,347,000 after buying an additional 10,700 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Microchip Technology by 9.3% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 130,249 shares of the semiconductor company’s stock valued at $11,694,000 after buying an additional 11,068 shares during the period. Neuberger Berman Group LLC lifted its stake in Microchip Technology by 0.8% in the third quarter. Neuberger Berman Group LLC now owns 370,733 shares of the semiconductor company’s stock valued at $33,284,000 after buying an additional 2,861 shares during the period. Handelsbanken Fonder AB lifted its stake in Microchip Technology by 26.2% in the third quarter. Handelsbanken Fonder AB now owns 96,400 shares of the semiconductor company’s stock valued at $8,655,000 after buying an additional 20,000 shares during the period. Finally, Cordasco Financial Network lifted its stake in Microchip Technology by 15.0% in the third quarter. Cordasco Financial Network now owns 25,207 shares of the semiconductor company’s stock valued at $2,263,000 after buying an additional 3,279 shares during the period.
Several equities analysts have issued reports on MCHP shares. Piper Jaffray Companies started coverage on Microchip Technology in a research note on Monday, December 18th. They issued an “overweight” rating and a $100.00 price target on the stock. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Friday, November 10th. Morgan Stanley boosted their price target on Microchip Technology from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. Credit Suisse Group reissued an “outperform” rating and issued a $110.00 price target (up from $95.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $120.00 price target on shares of Microchip Technology in a research note on Tuesday, November 7th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Microchip Technology presently has a consensus rating of “Buy” and a consensus price target of $102.35.
Microchip Technology Inc. (NASDAQ:MCHP) opened at $81.04 on Friday. The company has a current ratio of 2.98, a quick ratio of 2.71 and a debt-to-equity ratio of 0.95. Microchip Technology Inc. has a 12-month low of $69.76 and a 12-month high of $99.17. The firm has a market capitalization of $18,724.02, a P/E ratio of 15.92, a PEG ratio of 1.07 and a beta of 1.05.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.01. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The company had revenue of $994.10 million for the quarter, compared to analyst estimates of $992.10 million. During the same period in the prior year, the firm earned $1.05 earnings per share. Microchip Technology’s revenue for the quarter was up 19.1% on a year-over-year basis. research analysts predict that Microchip Technology Inc. will post 5.13 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Wednesday, February 21st will be given a dividend of $0.363 per share. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.79%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Tuesday, February 20th. Microchip Technology’s dividend payout ratio is presently 149.49%.
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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