RNC Capital Management LLC grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 100.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 13,424 shares of the semiconductor company’s stock after acquiring an additional 6,725 shares during the quarter. RNC Capital Management LLC’s holdings in Microchip Technology were worth $1,169,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of Microchip Technology by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,978,419 shares of the semiconductor company’s stock worth $762,148,000 after buying an additional 191,235 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth $336,161,000. Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 132.7% during the 4th quarter. Van ECK Associates Corp now owns 3,473,843 shares of the semiconductor company’s stock worth $302,433,000 after buying an additional 1,981,012 shares in the last quarter. Coho Partners Ltd. raised its holdings in shares of Microchip Technology by 117.6% during the 4th quarter. Coho Partners Ltd. now owns 2,877,283 shares of the semiconductor company’s stock worth $250,496,000 after buying an additional 1,555,206 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Microchip Technology by 96.2% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,744,095 shares of the semiconductor company’s stock worth $238,901,000 after buying an additional 1,345,381 shares in the last quarter. Hedge funds and other institutional investors own 55.64% of the company’s stock.
In other Microchip Technology news, VP Mitchell R. Little sold 3,613 shares of the company’s stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $70.93, for a total transaction of $256,270.09. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,885 shares of the company’s stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $70.93, for a total value of $133,703.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,498 shares of company stock worth $460,903. 2.03% of the stock is owned by company insiders.
Microchip Technology (NASDAQ:MCHP – Get Rating) last released its quarterly earnings data on Thursday, February 3rd. The semiconductor company reported $1.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.03. Microchip Technology had a return on equity of 38.44% and a net margin of 14.95%. The firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.75 billion. During the same quarter in the previous year, the business earned $0.72 earnings per share. As a group, equities analysts forecast that Microchip Technology Incorporated will post 4.18 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 8th. Investors of record on Tuesday, February 22nd were issued a dividend of $0.253 per share. This represents a $1.01 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Friday, February 18th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.23. Microchip Technology’s payout ratio is currently 59.41%.
A number of equities analysts have issued reports on the company. Rosenblatt Securities upped their target price on Microchip Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 4th. B. Riley lowered their target price on Microchip Technology from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, February 4th. Susquehanna reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Friday, February 4th. Citigroup lowered their target price on Microchip Technology from $90.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, February 4th. Finally, UBS Group upped their target price on Microchip Technology from $98.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, March 9th. Six analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Buy” and an average target price of $96.31.
About Microchip Technology (Get Rating)
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
- Get a free copy of the StockNews.com research report on Microchip Technology (MCHP)
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