British Columbia Investment Management Corp lowered its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 12.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 152,066 shares of the company’s stock after selling 20,762 shares during the period. British Columbia Investment Management Corp’s holdings in Microchip Technology were worth $9,449,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of the company. Banced Corp bought a new position in Microchip Technology during the second quarter valued at $275,000. Atria Investments LLC bought a new position in Microchip Technology during the second quarter valued at $227,000. GW&K Investment Management LLC increased its position in Microchip Technology by 9.2% in the second quarter. GW&K Investment Management LLC now owns 805,546 shares of the company’s stock valued at $40,890,000 after buying an additional 67,798 shares in the last quarter. Trust Co increased its position in Microchip Technology by 8.6% in the first quarter. Trust Co now owns 5,450 shares of the company’s stock valued at $263,000 after buying an additional 430 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. increased its position in Microchip Technology by 6.8% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 184,512 shares of the company’s stock valued at $9,366,000 after buying an additional 11,802 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.
Microchip Technology Inc. (NASDAQ:MCHP) traded down 0.05% during midday trading on Friday, reaching $66.08. The company’s stock had a trading volume of 625,856 shares. The firm has a market capitalization of $14274.34 billion, a PE ratio of 264.32 and a beta of 1.04. Microchip Technology Inc. has a 1-year low of $39.01 and a 1-year high of $66.25. The stock’s 50-day moving average price is $61.80 and its 200 day moving average price is $57.14.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Monday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.07. The company earned $873.80 million during the quarter, compared to analysts’ expectations of $860.96 million. Microchip Technology had a return on equity of 27.29% and a net margin of 1.77%. The firm’s quarterly revenue was up 56.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.66 earnings per share. Equities analysts anticipate that Microchip Technology Inc. will post $3.62 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 5th. Shareholders of record on Monday, November 21st will be paid a dividend of $0.3605 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, November 17th. This represents a $1.44 annualized dividend and a yield of 2.18%. Microchip Technology’s dividend payout ratio (DPR) is 720.00%.
Several equities analysts have commented on the company. B. Riley reaffirmed a “buy” rating and issued a $74.00 price objective on shares of Microchip Technology in a research report on Sunday, August 14th. Jefferies Group upped their price objective on Microchip Technology from $56.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, August 9th. Pacific Crest reaffirmed a “hold” rating on shares of Microchip Technology in a research report on Tuesday, November 8th. Mizuho reaffirmed a “neutral” rating and issued a $67.00 price objective on shares of Microchip Technology in a research report on Tuesday, November 8th. Finally, Zacks Investment Research raised Microchip Technology from a “hold” rating to a “strong-buy” rating and set a $72.00 price objective on the stock in a research report on Friday, November 11th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $64.61.
In other Microchip Technology news, VP Richard J. Simoncic sold 2,892 shares of the firm’s stock in a transaction on Monday, November 21st. The stock was sold at an average price of $64.90, for a total transaction of $187,690.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Sanghi sold 26,308 shares of the firm’s stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $64.20, for a total value of $1,688,973.60. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.
About Microchip Technology
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.