Cramer Rosenthal Mcglynn LLC lowered its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.1% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,105,398 shares of the semiconductor company’s stock after selling 35,510 shares during the period. Microchip Technology comprises about 1.6% of Cramer Rosenthal Mcglynn LLC’s portfolio, making the stock its 10th biggest holding. Cramer Rosenthal Mcglynn LLC owned about 0.47% of Microchip Technology worth $99,243,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Smithfield Trust Co. increased its holdings in Microchip Technology by 0.4% in the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after purchasing an additional 7 shares in the last quarter. Commonwealth Bank of Australia increased its holdings in Microchip Technology by 1.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after purchasing an additional 29 shares in the last quarter. Girard Partners LTD. increased its holdings in Microchip Technology by 0.9% in the 2nd quarter. Girard Partners LTD. now owns 3,731 shares of the semiconductor company’s stock worth $288,000 after purchasing an additional 33 shares in the last quarter. Meiji Yasuda Life Insurance Co increased its holdings in Microchip Technology by 0.6% in the 2nd quarter. Meiji Yasuda Life Insurance Co now owns 16,221 shares of the semiconductor company’s stock worth $1,252,000 after purchasing an additional 100 shares in the last quarter. Finally, Keel Point LLC increased its holdings in Microchip Technology by 3.3% in the 2nd quarter. Keel Point LLC now owns 3,694 shares of the semiconductor company’s stock worth $285,000 after purchasing an additional 119 shares in the last quarter.
A number of brokerages have issued reports on MCHP. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a report on Friday, November 10th. Jefferies Group upped their target price on Microchip Technology from $106.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, November 7th. B. Riley reaffirmed a “buy” rating and issued a $123.00 target price (up previously from $120.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $110.00 target price (up previously from $95.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Microchip Technology has a consensus rating of “Buy” and an average price target of $99.41.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.14. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the firm posted $0.94 earnings per share. The business’s quarterly revenue was up 16.2% on a year-over-year basis. sell-side analysts expect that Microchip Technology Incorporated will post 5.12 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st will be given a dividend of $0.3625 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Monday, November 20th. This represents a $1.45 annualized dividend and a dividend yield of 1.67%. Microchip Technology’s dividend payout ratio is presently 58.00%.
In related news, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the sale, the vice president now owns 15,767 shares in the company, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.
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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.
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