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.
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.
Featured Article: What is required to own or exchange cryptocurrency?
Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Inc. (NASDAQ:MCHP).
Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.