Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Corundum Group Inc.

by · The Markets Daily

Corundum Group Inc. boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 3.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,315 shares of the semiconductor company’s stock after acquiring an additional 143 shares during the quarter. Corundum Group Inc.’s holdings in Microchip Technology were worth $346,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Financial Counselors Inc. grew its stake in shares of Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after acquiring an additional 119 shares in the last quarter. SeaCrest Wealth Management LLC grew its stake in Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares in the last quarter. Horizon Bancorp Inc. IN increased its holdings in Microchip Technology by 11.8% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after purchasing an additional 145 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in shares of Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares in the last quarter. Finally, Steph & Co. grew its position in shares of Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after buying an additional 151 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on MCHP shares. Susquehanna reduced their price objective on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. JPMorgan Chase & Co. reduced their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Finally, Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $98.42.

Check Out Our Latest Stock Analysis on MCHP

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $77.34 on Monday. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The stock has a market capitalization of $41.49 billion, a price-to-earnings ratio of 22.29 and a beta of 1.52. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The stock’s fifty day simple moving average is $78.29 and its 200 day simple moving average is $86.14.

Microchip Technology (NASDAQ:MCHP – Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the business posted $1.56 EPS. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a $0.454 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Microchip Technology Profile

(Free Report)

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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