Squar Milner Financial Services LLC decreased its position in Microchip Technology Inc. (NASDAQ:MCHP) by 24.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 874 shares of the semiconductor company’s stock after selling 279 shares during the quarter. Squar Milner Financial Services LLC’s holdings in Microchip Technology were worth $76,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in MCHP. Logan Capital Management Inc. increased its position in shares of Microchip Technology by 2.5% during the second quarter. Logan Capital Management Inc. now owns 65,264 shares of the semiconductor company’s stock valued at $5,659,000 after buying an additional 1,597 shares during the period. CAPROCK Group Inc. increased its position in shares of Microchip Technology by 6.6% during the second quarter. CAPROCK Group Inc. now owns 3,841 shares of the semiconductor company’s stock valued at $333,000 after buying an additional 239 shares during the period. Arden Trust Co purchased a new position in shares of Microchip Technology during the second quarter valued at about $214,000. Commerzbank Aktiengesellschaft FI increased its position in shares of Microchip Technology by 56.8% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 80,240 shares of the semiconductor company’s stock valued at $6,957,000 after buying an additional 29,065 shares during the period. Finally, Atlantic Union Bankshares Corp bought a new stake in Microchip Technology during the second quarter worth about $3,775,000.
Several equities research analysts recently commented on the stock. Mizuho boosted their price objective on shares of Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Zacks Investment Research lowered shares of Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 price objective on the stock. in a research note on Thursday, July 25th. Longbow Research assumed coverage on shares of Microchip Technology in a research note on Tuesday, July 9th. They set a “neutral” rating and a $87.93 price objective on the stock. Rosenblatt Securities reissued a “buy” rating and set a $115.00 price objective on shares of Microchip Technology in a research note on Wednesday. Finally, ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $103.89.
Shares of NASDAQ MCHP traded up $1.77 during midday trading on Wednesday, hitting $86.83. The stock had a trading volume of 87,615 shares, compared to its average volume of 1,921,509. The firm’s 50 day moving average is $90.34. The stock has a market cap of $20.66 billion, a P/E ratio of 14.28, a P/E/G ratio of 1.18 and a beta of 1.41. Microchip Technology Inc. has a 52 week low of $60.70 and a 52 week high of $101.35. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.69.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.16. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 6.65% and a return on equity of 29.27%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.61 earnings per share. Sell-side analysts expect that Microchip Technology Inc. will post 5.56 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Wednesday, August 21st will be given a dividend of $0.366 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.37. This represents a $1.46 dividend on an annualized basis and a yield of 1.69%. Microchip Technology’s dividend payout ratio is 24.01%.
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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