Sterling Capital Management LLC Has $1.85 Million Stake in Microchip Technology Inc. (MCHP)

Sterling Capital Management LLC reduced its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 9.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,452 shares of the semiconductor company’s stock after selling 2,342 shares during the period. Sterling Capital Management LLC’s holdings in Microchip Technology were worth $1,851,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Psagot Investment House Ltd. bought a new stake in shares of Microchip Technology in the 2nd quarter valued at approximately $125,000. Canada Pension Plan Investment Board grew its stake in shares of Microchip Technology by 14,030.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after purchasing an additional 1,403 shares during the period. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the 3rd quarter valued at approximately $116,000. Spirit of America Management Corp NY grew its position in Microchip Technology by 95.2% during the 3rd quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock worth $162,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Prospera Financial Services Inc bought a new stake in Microchip Technology during the 2nd quarter worth approximately $200,000.

Several research firms have issued reports on MCHP. JPMorgan Chase & Co. reduced their price objective on Microchip Technology from $125.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday, August 10th. KeyCorp reduced their price objective on Microchip Technology from $116.00 to $111.00 and set an “overweight” rating on the stock in a report on Friday, August 10th. BidaskClub raised Microchip Technology from a “hold” rating to a “buy” rating in a report on Friday, August 10th. Nomura began coverage on Microchip Technology in a report on Wednesday, July 18th. They set a “buy” rating and a $110.00 price objective on the stock. Finally, Piper Jaffray Companies upped their price objective on Microchip Technology from $110.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $108.82.

MCHP stock opened at $70.30 on Thursday. The stock has a market cap of $16.50 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 0.77 and a beta of 1.24. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.32 and a quick ratio of 0.80. Microchip Technology Inc. has a 1 year low of $60.70 and a 1 year high of $104.20.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Wednesday, November 7th. The semiconductor company reported $1.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.08. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The company’s revenue was up 49.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 EPS. As a group, sell-side analysts forecast that Microchip Technology Inc. will post 6.36 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 5th. Shareholders of record on Wednesday, November 21st will be issued a dividend of $0.3645 per share. This represents a $1.46 dividend on an annualized basis and a yield of 2.07%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 28.13%.

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,887 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $159,130.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 3,998 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total value of $337,151.34. Following the transaction, the vice president now owns 16,931 shares of the company’s stock, valued at approximately $1,427,791.23. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.

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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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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