Prudential PLC Boosts Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Prudential PLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) by 2,052.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,560 shares of the semiconductor company’s stock after acquiring an additional 47,258 shares during the quarter. Prudential PLC’s holdings in Microchip Technology were worth $4,315,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Private Advisor Group LLC grew its position in Microchip Technology by 9.8% in the fourth quarter. Private Advisor Group LLC now owns 61,426 shares of the semiconductor company’s stock valued at $5,348,000 after acquiring an additional 5,476 shares in the last quarter. Candriam Luxembourg S.C.A. grew its position in Microchip Technology by 71.1% in the fourth quarter. Candriam Luxembourg S.C.A. now owns 27,473 shares of the semiconductor company’s stock valued at $2,392,000 after acquiring an additional 11,417 shares in the last quarter. Brasada Capital Management LP grew its position in shares of Microchip Technology by 124.7% during the fourth quarter. Brasada Capital Management LP now owns 37,950 shares of the semiconductor company’s stock worth $3,248,000 after buying an additional 21,062 shares in the last quarter. Texas Yale Capital Corp. grew its position in shares of Microchip Technology by 100.0% during the fourth quarter. Texas Yale Capital Corp. now owns 3,764 shares of the semiconductor company’s stock worth $328,000 after buying an additional 1,882 shares in the last quarter. Finally, Covestor Ltd acquired a new stake in shares of Microchip Technology during the fourth quarter worth approximately $33,000. 89.36% of the stock is owned by institutional investors.

NASDAQ:MCHP traded down $2.26 during mid-day trading on Wednesday, reaching $66.94. 42,694 shares of the stock were exchanged, compared to its average volume of 5,406,606. The business has a fifty day moving average price of $70.01 and a 200 day moving average price of $76.42. The firm has a market capitalization of $37.22 billion, a PE ratio of 30.55, a PEG ratio of 0.62 and a beta of 1.56. Microchip Technology Incorporated has a 1-year low of $63.34 and a 1-year high of $90.00. The company has a current ratio of 1.75, a quick ratio of 1.14 and a debt-to-equity ratio of 1.30.

Microchip Technology (NASDAQ:MCHPGet Rating) last released its earnings results on Monday, May 9th. The semiconductor company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.09. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. Microchip Technology had a return on equity of 41.89% and a net margin of 18.85%. Microchip Technology’s revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.82 earnings per share. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 4.98 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 3rd. Investors of record on Friday, May 20th will be issued a dividend of $0.276 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Thursday, May 19th. Microchip Technology’s payout ratio is presently 44.59%.

In related news, VP Mitchell R. Little sold 3,613 shares of Microchip Technology stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $70.93, for a total value of $256,270.09. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karlton D. Johnson sold 594 shares of Microchip Technology stock in a transaction dated Friday, May 13th. The stock was sold at an average price of $67.35, for a total value of $40,005.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,092 shares of company stock worth $500,909. 2.03% of the stock is owned by corporate insiders.

A number of research firms have recently weighed in on MCHP. Citigroup decreased their price target on shares of Microchip Technology from $78.00 to $72.00 in a research report on Tuesday, May 10th. BMO Capital Markets decreased their price target on shares of Microchip Technology from $95.00 to $85.00 in a research report on Tuesday, May 10th. Wells Fargo & Company decreased their price objective on shares of Microchip Technology from $80.00 to $70.00 in a report on Tuesday, May 10th. Rosenblatt Securities lifted their price objective on shares of Microchip Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 4th. Finally, Susquehanna Bancshares reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Friday, February 4th. Six equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Buy” and an average price target of $93.81.

Microchip Technology Company Profile (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.

See Also

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.