Security National Bank Has $3.88 Million Stake in Microchip Technology (MCHP)
Security National Bank decreased its holdings in Microchip Technology (NASDAQ:MCHP) by 5.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 42,446 shares of the semiconductor company’s stock after selling 2,610 shares during the quarter. Microchip Technology accounts for approximately 2.6% of Security National Bank’s holdings, making the stock its 8th biggest holding. Security National Bank’s holdings in Microchip Technology were worth $3,878,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in MCHP. Westchester Capital Management Inc. increased its position in shares of Microchip Technology by 0.7% during the 4th quarter. Westchester Capital Management Inc. now owns 104,009 shares of the semiconductor company’s stock worth $9,140,000 after purchasing an additional 765 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Microchip Technology during the 4th quarter worth about $2,577,000. State of Alaska Department of Revenue increased its position in shares of Microchip Technology by 176.3% during the 4th quarter. State of Alaska Department of Revenue now owns 32,467 shares of the semiconductor company’s stock worth $2,851,000 after purchasing an additional 20,717 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Microchip Technology by 33.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 344,263 shares of the semiconductor company’s stock worth $30,254,000 after purchasing an additional 86,077 shares in the last quarter. Finally, Brookmont Capital Management increased its position in shares of Microchip Technology by 34.4% during the 4th quarter. Brookmont Capital Management now owns 67,492 shares of the semiconductor company’s stock worth $5,931,000 after purchasing an additional 17,280 shares in the last quarter.
A number of equities research analysts recently issued reports on MCHP shares. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 26th. Bank of America decreased their price objective on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, February 7th. Morgan Stanley decreased their price objective on shares of Microchip Technology from $99.00 to $96.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 7th. Argus reissued a “buy” rating and set a $90.00 price objective (up previously from $79.90) on shares of Microchip Technology in a report on Friday, February 9th. Finally, Piper Jaffray Companies reissued an “overweight” rating and set a $68.78 price objective (down previously from $110.00) on shares of Microchip Technology in a report on Friday, March 2nd. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Microchip Technology currently has a consensus rating of “Buy” and an average target price of $104.61.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.13. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $984.80 million. Microchip Technology had a net margin of 6.41% and a return on equity of 38.62%. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. analysts expect that Microchip Technology will post 5.57 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 4th. Stockholders of record on Monday, May 21st will be paid a $0.3635 dividend. This represents a $1.45 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, May 18th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36.
In other news, Director Esther Johnson sold 2,275 shares of the firm’s stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $97.90, for a total value of $222,722.50. Following the transaction, the director now owns 6,081 shares of the company’s stock, valued at approximately $595,329.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mitchell R. Little sold 4,159 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $84.14, for a total transaction of $349,938.26. Following the completion of the transaction, the vice president now directly owns 15,767 shares in the company, valued at approximately $1,326,635.38. The disclosure for this sale can be found here. Insiders sold a total of 33,667 shares of company stock worth $3,132,552 in the last ninety days. Insiders own 2.13% of the company’s stock.
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; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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