British Airways Pensions Investment Management Ltd reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 48.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 240,224 shares of the semiconductor company’s stock after selling 227,473 shares during the period. British Airways Pensions Investment Management Ltd owned approximately 0.10% of Microchip Technology worth $18,530,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Grove Bank & Trust boosted its stake in shares of Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares during the last quarter. Trust Co. of Vermont boosted its stake in shares of Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares during the last quarter. Smithfield Trust Co. boosted its stake in shares of Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares during the last quarter. Duncker Streett & Co. Inc. boosted its stake in shares of Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 503 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Microchip Technology during the first quarter valued at $135,000. 98.67% of the stock is owned by hedge funds and other institutional investors.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company had revenue of $972.10 million for the quarter, compared to analysts’ expectations of $944.87 million. During the same quarter last year, the company earned $0.84 earnings per share. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be issued a dividend of $0.362 per share. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $1.45 dividend on an annualized basis and a yield of 1.73%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is presently 77.54%.
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Several research analysts recently commented on the stock. B. Riley reiterated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Monday, May 8th. Jefferies Group LLC reiterated a “buy” rating and set a $94.00 price objective on shares of Microchip Technology in a research note on Friday. BidaskClub lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Credit Suisse Group reiterated a “buy” rating on shares of Microchip Technology in a research note on Friday. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Microchip Technology in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Microchip Technology currently has an average rating of “Buy” and a consensus price target of $86.00.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,510 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $201,527.90. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $319,072.46. Following the sale, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.
Microchip Technology Company Profile
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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