City Holding Co. increased its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 1.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,610 shares of the semiconductor company’s stock after purchasing an additional 801 shares during the quarter. Microchip Technology accounts for approximately 1.0% of City Holding Co.’s investment portfolio, making the stock its 28th largest holding. City Holding Co.’s holdings in Microchip Technology were worth $3,618,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund raised its position in Microchip Technology by 7,043.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 1,815,732 shares in the last quarter. Clarfeld Financial Advisors LLC purchased a new position in Microchip Technology during the fourth quarter valued at approximately $26,000. Morgan Dempsey Capital Management LLC purchased a new position in Microchip Technology during the fourth quarter valued at approximately $28,000. Lindbrook Capital LLC purchased a new position in Microchip Technology during the fourth quarter valued at approximately $32,000. Finally, Gemmer Asset Management LLC raised its position in Microchip Technology by 186.5% during the first quarter. Gemmer Asset Management LLC now owns 487 shares of the semiconductor company’s stock valued at $40,000 after acquiring an additional 317 shares in the last quarter.
In other news, VP Mitchell R. Little sold 3,585 shares of the company’s stock in a transaction on Wednesday, February 13th. The stock was sold at an average price of $91.17, for a total value of $326,844.45. Following the transaction, the vice president now owns 7,693 shares of the company’s stock, valued at approximately $701,370.81. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Matthew W. Chapman sold 4,660 shares of the stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $91.04, for a total value of $424,246.40. Following the transaction, the director now directly owns 19,080 shares in the company, valued at approximately $1,737,043.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,101 shares of company stock worth $1,258,210. Corporate insiders own 2.13% of the company’s stock.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.08. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 32.30% and a net margin of 6.53%. The firm’s revenue for the quarter was up 32.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.40 earnings per share. Equities analysts anticipate that Microchip Technology Inc. will post 5.9 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 21st will be paid a $0.3655 dividend. This represents a $1.46 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Monday, May 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio is 28.13%.
A number of analysts have recently commented on MCHP shares. Zacks Investment Research cut Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 11th. TheStreet upgraded Microchip Technology from a “c+” rating to a “b-” rating in a research report on Thursday, February 21st. B. Riley boosted their price objective on Microchip Technology from $105.00 to $125.00 and gave the company a “buy” rating in a research report on Monday. Citigroup restated a “buy” rating and issued a $105.00 price objective on shares of Microchip Technology in a research report on Thursday, February 7th. Finally, BidaskClub cut Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $104.32.
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About Microchip Technology
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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