Essex Financial Services Inc. bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,395 shares of the semiconductor company’s stock, valued at approximately $217,000.
A number of other institutional investors have also added to or reduced their stakes in MCHP. NN Investment Partners Holdings N.V. acquired a new stake in Microchip Technology during the 4th quarter worth approximately $387,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Microchip Technology by 0.4% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 42,726 shares of the semiconductor company’s stock worth $5,901,000 after buying an additional 178 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in Microchip Technology by 7.9% during the 4th quarter. CIBC Asset Management Inc now owns 43,863 shares of the semiconductor company’s stock worth $6,058,000 after buying an additional 3,229 shares in the last quarter. Baker Tilly Financial LLC acquired a new stake in Microchip Technology during the 4th quarter worth approximately $369,000. Finally, State of Wisconsin Investment Board raised its holdings in shares of Microchip Technology by 0.8% in the 4th quarter. State of Wisconsin Investment Board now owns 129,932 shares of the semiconductor company’s stock valued at $17,945,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 91.59% of the company’s stock.
Shares of Microchip Technology stock opened at $153.44 on Friday. Microchip Technology Incorporated has a 1 year low of $95.53 and a 1 year high of $166.67. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.89 and a quick ratio of 0.61. The stock has a market cap of $41.97 billion, a P/E ratio of 118.95, a P/E/G ratio of 1.38 and a beta of 1.68. The stock’s fifty day simple moving average is $153.04.
The company also recently announced a quarterly dividend, which was paid on Friday, June 4th. Stockholders of record on Friday, May 21st were issued a $0.413 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.39. The ex-dividend date was Thursday, May 20th. This represents a $1.65 annualized dividend and a dividend yield of 1.08%. Microchip Technology’s payout ratio is presently 28.16%.
In related news, VP Mitchell R. Little sold 2,529 shares of the firm’s stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $145.79, for a total value of $368,702.91. Following the completion of the sale, the vice president now owns 6,235 shares in the company, valued at $909,000.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,163 shares of the firm’s stock in a transaction dated Monday, May 24th. The shares were sold at an average price of $151.15, for a total transaction of $175,787.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,192 shares of company stock worth $930,015. Insiders own 2.15% of the company’s stock.
A number of equities research analysts have recently weighed in on the stock. Longbow Research upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and set a $188.00 price objective on the stock in a report on Tuesday, March 23rd. Morgan Stanley raised their price objective on shares of Microchip Technology from $165.00 to $177.00 and gave the company an “overweight” rating in a report on Friday, May 7th. Rosenblatt Securities raised their price objective on shares of Microchip Technology from $165.00 to $180.00 and gave the company a “buy” rating in a report on Friday, May 7th. Mizuho raised their price objective on shares of Microchip Technology from $158.00 to $165.00 and gave the company a “buy” rating in a report on Friday, May 7th. Finally, TheStreet upgraded shares of Microchip Technology from a “c+” rating to a “b” rating in a report on Thursday, May 6th. Six 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 stock. Microchip Technology presently has a consensus rating of “Buy” and an average target price of $159.89.
Microchip Technology Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors; and microcontrollers for automotive, industrial, aerospace, office communication, and computing applications.
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