Peddock Capital Advisors LLC held its position in Microchip Technology Inc. (NASDAQ:MCHP) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,953 shares of the semiconductor company’s stock at the end of the first quarter. Peddock Capital Advisors LLC’s holdings in Microchip Technology were worth $734,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Duncker Streett & Co. Inc. boosted its position in Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 503 shares in the last quarter. Advisory Services Network LLC purchased a new position in Microchip Technology during the first quarter valued at $135,000. Massey Quick & Co. LLC purchased a new position in Microchip Technology during the fourth quarter valued at $123,000. Webster Bank N. A. boosted its position in Microchip Technology by 67.8% in the first quarter. Webster Bank N. A. now owns 1,980 shares of the semiconductor company’s stock valued at $146,000 after buying an additional 800 shares in the last quarter. Finally, Commonwealth Bank of Australia boosted its position in Microchip Technology by 23.3% in the third quarter. Commonwealth Bank of Australia now owns 2,135 shares of the semiconductor company’s stock valued at $132,000 after buying an additional 404 shares in the last quarter.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, May 9th. The semiconductor company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.06 by $0.10. Microchip Technology had a return on equity of 30.26% and a net margin of 3.10%. The firm had revenue of $902.70 million during the quarter, compared to analysts’ expectations of $891.14 million. During the same quarter last year, the firm earned $0.70 earnings per share. The business’s revenue for the quarter was up 61.9% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 6th. Investors of record on Tuesday, May 23rd will be issued a $0.3615 dividend. This represents a $1.45 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Friday, May 19th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is currently 378.95%.
A number of brokerages have recently commented on MCHP. B. Riley reiterated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Monday, May 8th. Citigroup Inc set a $95.00 target price on Microchip Technology and gave the stock a “buy” rating in a report on Wednesday, May 10th. Stifel Nicolaus lifted their target price on Microchip Technology from $83.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, May 10th. Needham & Company LLC reiterated a “strong-buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Wednesday, May 10th. Finally, Macquarie reiterated a “neutral” rating and issued a $72.00 target price (up previously from $67.00) on shares of Microchip Technology in a report on Wednesday, February 8th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and a consensus price target of $80.67.
In related news, CFO James Eric Bjornholt sold 2,557 shares of the stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $72.48, for a total value of $185,331.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Sanghi sold 54,368 shares of the stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $74.34, for a total value of $4,041,717.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 93,229 shares of company stock valued at $6,913,482. Insiders own 2.50% of the company’s stock.
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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