WESCAP Management Group Inc. Takes Position in Microchip Technology Inc. (NASDAQ:MCHP)

WESCAP Management Group Inc. bought a new stake in Microchip Technology Inc. (NASDAQ:MCHP) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 13,227 shares of the semiconductor company’s stock, valued at approximately $1,146,000.

Several other hedge funds have also recently made changes to their positions in MCHP. Osborn Williams & Donohoe LLC bought a new position in shares of Microchip Technology in the 1st quarter worth about $31,000. Parkside Financial Bank & Trust increased its holdings in shares of Microchip Technology by 65.3% in the 1st quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 171 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Microchip Technology in the 2nd quarter worth about $37,000. Spectrum Management Group Inc. increased its holdings in shares of Microchip Technology by 127.1% in the 2nd quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 253 shares during the period. Finally, Oakworth Capital Inc. acquired a new stake in shares of Microchip Technology in the 2nd quarter worth about $40,000.

Shares of MCHP traded up $0.64 during midday trading on Thursday, hitting $89.66. The stock had a trading volume of 44,991 shares, compared to its average volume of 2,519,813. Microchip Technology Inc. has a fifty-two week low of $60.70 and a fifty-two week high of $101.35. The business has a 50-day simple moving average of $90.93 and a two-hundred day simple moving average of $88.76. The firm has a market cap of $21.44 billion, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 1.38 and a beta of 1.41. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.25 by $0.16. Microchip Technology had a net margin of 6.79% and a return on equity of 27.79%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the company posted $1.61 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, analysts expect that Microchip Technology Inc. will post 5.27 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Wednesday, August 21st will be issued a dividend of $0.366 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. This represents a $1.46 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Tuesday, August 20th. Microchip Technology’s dividend payout ratio (DPR) is currently 24.01%.

Several research firms have commented on MCHP. BMO Capital Markets lowered their target price on shares of Microchip Technology from $118.00 to $110.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 target price on the stock. in a research note on Thursday, July 25th. Needham & Company LLC set a $100.00 target price on shares of Microchip Technology and gave the company a “buy” rating in a research note on Wednesday, August 7th. Wells Fargo & Co lifted their price objective on shares of Microchip Technology from $105.00 to $115.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. They noted that the move was a valuation call. Finally, Piper Jaffray Companies set a $110.00 price objective on shares of Microchip Technology and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. Microchip Technology presently has an average rating of “Hold” and an average target price of $101.76.

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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