Shelton Capital Management grew its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 14.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,615 shares of the semiconductor company’s stock after purchasing an additional 2,800 shares during the quarter. Shelton Capital Management’s holdings in Microchip Technology were worth $1,987,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Zions Bancorporation boosted its stake in shares of Microchip Technology by 215.5% during the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after purchasing an additional 836 shares during the period. Amica Retiree Medical Trust purchased a new stake in shares of Microchip Technology during the third quarter valued at $121,000. Valeo Financial Advisors LLC purchased a new stake in shares of Microchip Technology during the third quarter valued at $146,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Microchip Technology by 608.4% during 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 period. Finally, SeaCrest Wealth Management LLC purchased a new stake in shares of Microchip Technology during the fourth quarter valued at $198,000.
A number of brokerages have recently issued reports on MCHP. Jefferies Group boosted their target price on shares of Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, November 7th. B. Riley reissued a “buy” rating and set a $123.00 target price (up from $120.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Stifel Nicolaus reissued a “buy” rating and set a $100.00 target price (up from $94.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Needham & Company LLC lifted their price objective on Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a report on Tuesday, November 7th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and issued a $120.00 price objective 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 issued a buy rating and one has given a strong buy rating to the company’s stock. Microchip Technology currently has an average rating of “Buy” and a consensus price target of $102.35.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.01. The firm had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The firm’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.05 earnings per share. research analysts anticipate 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. Shareholders of record on Wednesday, February 21st will be issued a $0.363 dividend. The ex-dividend date of this dividend is Tuesday, February 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a yield of 1.79%. Microchip Technology’s payout ratio is currently 149.49%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,801 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the business’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 $261,414.32. Following the completion of the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
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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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