Benjamin F. Edwards & Company Inc. raised its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 39.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,710 shares of the semiconductor company’s stock after buying an additional 768 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Microchip Technology were worth $252,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Carillon Tower Advisers Inc. boosted its position in shares of Microchip Technology by 7.3% during the third quarter. Carillon Tower Advisers Inc. now owns 765,999 shares of the semiconductor company’s stock worth $71,169,000 after buying an additional 52,278 shares during the period. Westchester Capital Management Inc. boosted its holdings in Microchip Technology by 0.6% in the third quarter. Westchester Capital Management Inc. now owns 105,527 shares of the semiconductor company’s stock valued at $9,805,000 after purchasing an additional 615 shares during the period. Eagle Asset Management Inc. boosted its holdings in Microchip Technology by 5.5% in the third quarter. Eagle Asset Management Inc. now owns 982,850 shares of the semiconductor company’s stock valued at $91,316,000 after purchasing an additional 51,466 shares during the period. Alps Advisors Inc. purchased a new position in Microchip Technology in the third quarter valued at $362,000. Finally, Bartlett & Co. LLC purchased a new position in Microchip Technology in the third quarter valued at $511,000.
Microchip Technology stock opened at $93.62 on Friday. Microchip Technology Inc. has a 1-year low of $65.67 and a 1-year high of $101.57. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.90 and a quick ratio of 0.60. The stock has a market cap of $22.60 billion, a PE ratio of 15.40, a P/E/G ratio of 2.17 and a beta of 1.44. The stock’s fifty day moving average is $94.48 and its two-hundred day moving average is $90.11.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st will be paid a $0.366 dividend. This represents a $1.46 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Wednesday, November 20th. Microchip Technology’s dividend payout ratio is presently 24.01%.
In other news, CFO James Eric Bjornholt sold 1,937 shares of Microchip Technology stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $171,618.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Richard J. Simoncic sold 3,437 shares of Microchip Technology stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total value of $304,518.20. Following the sale, the vice president now owns 18,178 shares in the company, valued at approximately $1,610,570.80. The disclosure for this sale can be found here. 2.21% of the stock is owned by company insiders.
A number of research firms recently issued reports on MCHP. ValuEngine upgraded Microchip Technology from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Raymond James upgraded Microchip Technology from a “market perform” rating to a “strong-buy” rating and set a $115.00 target price for the company in a report on Wednesday, October 30th. B. Riley decreased their target price on Microchip Technology from $120.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Citigroup lifted their target price on Microchip Technology from $104.00 to $109.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley raised their price target on Microchip Technology from $84.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Microchip Technology has an average rating of “Buy” and an average price target of $105.66.
Microchip Technology Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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