Microchip Technology Inc. (MCHP) Shares Sold by Fiduciary Trust Co.
Fiduciary Trust Co. decreased its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 4.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,652 shares of the semiconductor company’s stock after selling 947 shares during the period. Fiduciary Trust Co.’s holdings in Microchip Technology were worth $2,060,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH bought a new position in Microchip Technology in the 1st quarter worth $489,000. Wasatch Advisors Inc. raised its holdings in Microchip Technology by 30.5% in the 1st quarter. Wasatch Advisors Inc. now owns 18,400 shares of the semiconductor company’s stock worth $1,681,000 after purchasing an additional 4,300 shares during the period. Villere ST Denis J & Co. LLC raised its holdings in Microchip Technology by 2.1% in the 1st quarter. Villere ST Denis J & Co. LLC now owns 157,720 shares of the semiconductor company’s stock worth $14,409,000 after purchasing an additional 3,300 shares during the period. Sentry Investment Management LLC bought a new position in Microchip Technology in the 1st quarter worth $554,000. Finally, Commerzbank Aktiengesellschaft FI raised its holdings in Microchip Technology by 5.7% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 25,051 shares of the semiconductor company’s stock worth $2,289,000 after purchasing an additional 1,345 shares during the period.
A number of equities analysts recently commented on MCHP shares. B. Riley raised their target price on Microchip Technology from $123.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, June 1st. SunTrust Banks raised their target price on Microchip Technology from $115.00 to $117.00 and gave the stock a “buy” rating in a report on Wednesday, May 30th. JPMorgan Chase & Co. started coverage on Microchip Technology in a report on Tuesday, June 5th. They issued an “overweight” rating and a $125.00 target price on the stock. BidaskClub cut Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, April 18th. Finally, Piper Jaffray Companies raised their target price on Microchip Technology from $110.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Microchip Technology currently has a consensus rating of “Buy” and an average target price of $117.75.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.48 by $0.13. Microchip Technology had a return on equity of 38.62% and a net margin of 6.41%. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the business posted $1.31 EPS. Microchip Technology’s revenue for the quarter was up 24.7% compared to the same quarter last year. analysts expect that Microchip Technology Inc. will post 6.18 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Tuesday, August 21st will be paid a $0.364 dividend. This represents a $1.46 dividend on an annualized basis and a yield of 1.48%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is presently 27.94%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,308 shares of the stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $215,913.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 4,696 shares of the stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $439,310.80. Following the completion of the sale, the vice president now owns 19,711 shares of the company’s stock, valued at approximately $1,843,964.05. The disclosure for this sale can be found here. Corporate 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; 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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