Microchip Technology Inc. (MCHP) Shares Sold by OLD Mutual Customised Solutions Proprietary Ltd.
OLD Mutual Customised Solutions Proprietary Ltd. cut its holdings in Microchip Technology Inc. (NASDAQ:MCHP) by 65.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,041 shares of the semiconductor company’s stock after selling 9,500 shares during the quarter. OLD Mutual Customised Solutions Proprietary Ltd.’s holdings in Microchip Technology were worth $458,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in MCHP. Psagot Investment House Ltd. acquired a new stake in shares of Microchip Technology during the second quarter valued at about $125,000. Canada Pension Plan Investment Board boosted its stake in shares of Microchip Technology by 14,030.0% during the second 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 in the last quarter. Signaturefd LLC acquired a new stake in shares of Microchip Technology during the first quarter valued at about $131,000. Prospera Financial Services Inc acquired a new stake in shares of Microchip Technology during the second quarter valued at about $200,000. Finally, Homrich & Berg acquired a new stake in shares of Microchip Technology during the second quarter valued at about $202,000.
A number of analysts have recently commented on the company. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $114.00 price target on the stock in a research note on Wednesday, June 6th. Rosenblatt Securities reissued a “buy” rating and set a $125.00 price target on shares of Microchip Technology in a research note on Wednesday, June 6th. JPMorgan Chase & Co. assumed coverage on Microchip Technology in a research note on Tuesday, June 5th. They set an “overweight” rating and a $125.00 price target on the stock. Morgan Stanley lifted their price target on Microchip Technology from $97.00 to $103.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 5th. Finally, SunTrust Banks lifted their price target on Microchip Technology from $115.00 to $117.00 and gave the company a “buy” rating in a research note on Wednesday, May 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $115.76.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data 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 36.33% and a net margin of 2.85%. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period last year, the company earned $1.31 earnings per share. The firm’s revenue was up 24.7% compared to the same quarter last year. research analysts anticipate that Microchip Technology Inc. will post 6.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Tuesday, August 21st were issued a $0.364 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend was Monday, August 20th. Microchip Technology’s payout ratio is presently 28.13%.
In other Microchip Technology news, VP Stephen V. Drehobl sold 3,998 shares of Microchip Technology stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total value of $337,151.34. Following the completion of the sale, the vice president now directly owns 16,931 shares in the company, valued at $1,427,791.23. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Ganesh Moorthy bought 12,000 shares of the stock in a transaction on Tuesday, August 14th. The stock was acquired at an average price of $84.10 per share, with a total value of $1,009,200.00. The disclosure for this purchase can be found here. Insiders own 2.13% of the company’s stock.
Microchip Technology Company 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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