Crossmark Global Holdings Inc. raised its stake in Microchip Technology Incorporated (NASDAQ: MCHP – Get Rating ) by 2.2% during the third quarter, according to its most recent Form 13F filing with the US Securities and Exchange Commission. Institutional investors held 151,309 shares of the semiconductor company’s stock after buying 3,315 more shares during the period. As of its most recent SEC filing, Crossmark Global Holdings Inc.’s holding in Microchip Technology was valued at $9,234,000.
Many other institutional investors and hedge funds also adjusted their holdings. Personal CFO Solutions LLC increased its stake in Microchip Technology by 6.2 percent during the third quarter. Personal CFO Solutions LLC now owns 5,336 shares of the semiconductor company worth $326,000 after purchasing an additional 311 shares last quarter. Ropes Wealth Advisors LLC purchased a new stake in Microchip Technology in the third quarter, valued at approximately $208,000. Assetmark Inc. increased its stake in Microchip Technology by 39.1 percent in the third quarter. Assetmark Inc. now owns 27,932 shares of the semiconductor company worth $1,705,000 after buying an additional 7,852 shares last quarter. Beta Wealth Group Inc. increased its stake in Microchip Technology by 4.8 percent in the third quarter. Beta Wealth Group Inc. now owns 4,400 shares of the semiconductor company worth $269,000 after buying an additional 200 shares last quarter. Finally, Atria Investments LLC increased its stake in Microchip Technology by 49.5% during the third quarter. Atria Investments LLC now owns 72,148 shares of the semiconductor company worth $4,403,000 after purchasing an additional 23,899 shares last quarter. Hedge funds and other institutional investors own 89.85% of the company.
In related news, Director Karlton D. Johnson sold 927 shares of the company in a transaction that occurred on Monday, November 7th. The stocks sold for an average of $64.54, with a total transaction value of $59,828.58. Following the sale, the director now directly owns 1,369 shares of the company, worth approximately $88,355.26. The sale was disclosed in a legal filing with the Securities and Exchange Commission, available at this link. 2.00% of shares are owned by insiders.
Wall Street analysts forecast growth
A number of analysts have commented on MCHP stock recently. Piper Sandler cut their price target on Microchip Technology from $100.00 to $80.00 and set an “overweight” rating on the company in a research report on Friday, November 4th. Credit Suisse Group began coverage on shares of Microchip Technology in a research report on Tuesday, November 15th. They set a “neutral” rating and $85.00 price target on the stock. Citigroup cut their price target on Microchip Technology from $72.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 11th. Goldman Sachs Group upped their target price on Microchip Technology from $67.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, November 7th. Finally, UBS AG cut their price target on Microchip Technology from $100.00 to $90.00 in a research report on Friday, November 4th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has an average rating of “Moderate Buy” and a consensus price target of $83.50, according to MarketBeat.
Microchip Technology Price Performance
Microchip Technology stock opened Friday at $74.92. The company’s 50-day simple moving average is $73.37 and its 200-day simple moving average is $67.50. The company’s market capitalization is $41.21 billion, with a P/E ratio of 22.91, a P/E ratio of 0.81, and a beta coefficient of 1.59. Microchip Technology Incorporated had a 1-year low of $54.33 and a 1-year high of $84.38. The company’s debt-to-equity ratio is 1.03, the quick ratio is 0.65, and the current ratio is 1.05.
Microchip Technology (NASDAQ: MCHP – Get Rating ) last reported quarterly earnings results on Thursday, November 3rd. The semiconductor company reported earnings per share (EPS) of $1.39 for the quarter, beating analysts’ consensus estimate of $1.37 by $0.02. The business reported revenue of $2.07 billion for the quarter, compared with the consensus estimate of $2.06 billion. Microchip Technology has a net profit margin of 24.14% and a return on equity of 47.90%. As a whole, equity research analysts expect Microchip Technology Incorporated to post earnings per share of 5.66 for the current year.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which is paid on Tuesday, December 6th. Investors of record on Tuesday, November 22 received a dividend of $0.328 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.30. This represents an annualized dividend of $1.31 and a yield of 1.75%. The ex-dividend date for this dividend is Monday, November 21st. Microchip Technology’s current dividend payout ratio is 40.06%.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures and markets 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 microcontrollers; the 32-bit embedded microprocessor market; and Dedicated microcontrollers for connectivity and wireless connectivity applications.
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