Wealth Advisors of Tampa Bay LLC grew its position in Microchip Technology Inc. (NASDAQ:MCHP) by 13.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,984 shares of the semiconductor company’s stock after acquiring an additional 6,825 shares during the quarter. Microchip Technology comprises approximately 3.2% of Wealth Advisors of Tampa Bay LLC’s portfolio, making the stock its 4th biggest position. Wealth Advisors of Tampa Bay LLC’s holdings in Microchip Technology were worth $4,496,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Janus Henderson Group PLC lifted its holdings in shares of Microchip Technology by 4.7% during the second quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock worth $1,175,042,000 after purchasing an additional 582,965 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Microchip Technology by 0.4% during the first quarter. Principal Financial Group Inc. now owns 5,616,587 shares of the semiconductor company’s stock worth $513,132,000 after purchasing an additional 24,008 shares during the period. OppenheimerFunds Inc. lifted its holdings in shares of Microchip Technology by 114.5% during the second quarter. OppenheimerFunds Inc. now owns 1,753,557 shares of the semiconductor company’s stock worth $159,486,000 after purchasing an additional 935,884 shares during the period. Coho Partners Ltd. lifted its holdings in shares of Microchip Technology by 2.7% during the second quarter. Coho Partners Ltd. now owns 1,543,379 shares of the semiconductor company’s stock worth $140,370,000 after purchasing an additional 41,296 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Microchip Technology by 22.0% during the second quarter. Victory Capital Management Inc. now owns 1,520,964 shares of the semiconductor company’s stock worth $138,332,000 after purchasing an additional 274,241 shares during the period.
MCHP traded down $2.41 during trading on Friday, reaching $72.05. 698,889 shares of the company were exchanged, compared to its average volume of 4,948,862. The company has a market cap of $16.50 billion, a P/E ratio of 13.88, a PEG ratio of 0.77 and a beta of 1.24. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.32 and a quick ratio of 0.80. Microchip Technology Inc. has a 52 week low of $60.70 and a 52 week high of $104.20.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.03. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the previous year, the firm posted $1.41 EPS. The firm’s quarterly revenue was up 49.5% on a year-over-year basis. As a group, research analysts anticipate that Microchip Technology Inc. will post 6.36 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 5th. Shareholders of record on Wednesday, November 21st will be given a dividend of $0.3645 per share. This represents a $1.46 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Tuesday, November 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is 28.13%.
MCHP has been the subject of a number of research analyst reports. BidaskClub cut Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Cfra restated a “buy” rating and issued a $110.00 price target on shares of Microchip Technology in a research report on Wednesday, September 19th. TheStreet cut Microchip Technology from an “a-” rating to a “c+” rating in a research report on Thursday, August 9th. Needham & Company LLC dropped their price target on Microchip Technology to $100.00 and set a “strong-buy” rating for the company in a research report on Friday, October 26th. Finally, Nomura set a $95.00 price target on Microchip Technology and gave the company a “buy” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $105.11.
In other news, COO Ganesh Moorthy acquired 12,000 shares of the business’s stock in a transaction dated Tuesday, August 14th. The stock was acquired at an average price of $84.10 per share, for a total transaction of $1,009,200.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 3,998 shares of the company’s stock in a transaction on Wednesday, August 22nd. The shares were 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 owns 16,931 shares of the company’s stock, valued at approximately $1,427,791.23. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
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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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