Virtus Fund Advisers LLC lessened its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 2.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 109,946 shares of the semiconductor company’s stock after selling 3,098 shares during the quarter. Virtus Fund Advisers LLC’s holdings in Microchip Technology were worth $9,662,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Zions Bancorporation raised its position in shares of Microchip Technology by 215.5% in the 3rd quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after buying an additional 836 shares during the period. Amica Retiree Medical Trust purchased a new position in shares of Microchip Technology in the 3rd quarter worth $121,000. Valeo Financial Advisors LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth $146,000. Benjamin F. Edwards & Company Inc. raised its position in shares of Microchip Technology by 608.4% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after buying an additional 1,807 shares during the period. Finally, Squar Milner Financial Services LLC purchased a new position in shares of Microchip Technology in the 4th quarter worth $205,000.
MCHP has been the topic of several research reports. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, November 1st. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $120.00 target price on shares of Microchip Technology in a research report on Tuesday, November 7th. Needham & Company LLC increased their target price on Microchip Technology from $120.00 to $130.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, November 7th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $100.00 target price (up from $94.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $110.00 price objective (up from $95.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $102.35.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.01. The company had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The company’s revenue was up 19.1% on a year-over-year basis. During the same period last year, the firm earned $1.05 earnings per share. sell-side analysts predict that Microchip Technology Inc. will post 5.13 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Wednesday, February 21st will be paid a $0.363 dividend. This represents a $1.45 dividend on an annualized basis and a yield of 1.71%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Tuesday, February 20th. Microchip Technology’s dividend payout ratio (DPR) is 149.49%.
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Microchip Technology Company Profile
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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