Brookstone Capital Management raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 9.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 6,405 shares of the semiconductor company’s stock after purchasing an additional 565 shares during the period. Brookstone Capital Management’s holdings in Microchip Technology were worth $555,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Geode Capital Management LLC increased its position in shares of Microchip Technology by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 11,714,851 shares of the semiconductor company’s stock worth $979,918,000 after purchasing an additional 217,223 shares during the last quarter. Boston Partners grew its position in shares of Microchip Technology by 4.6% during the 1st quarter. Boston Partners now owns 8,303,250 shares of the semiconductor company’s stock valued at $693,717,000 after buying an additional 367,762 shares during the last quarter. Macquarie Group Ltd. grew its position in shares of Microchip Technology by 4.3% during the 1st quarter. Macquarie Group Ltd. now owns 7,990,999 shares of the semiconductor company’s stock valued at $669,486,000 after buying an additional 326,819 shares during the last quarter. Northern Trust Corp grew its position in shares of Microchip Technology by 1.7% during the 1st quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after buying an additional 123,806 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Microchip Technology by 659.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 6,764,357 shares of the semiconductor company’s stock valued at $87,214,000 after buying an additional 5,873,389 shares during the last quarter. Institutional investors own 90.85% of the company’s stock.
Microchip Technology Stock Performance
NASDAQ:MCHP opened at $77.08 on Friday. Microchip Technology Incorporated has a twelve month low of $54.77 and a twelve month high of $94.30. The company has a 50-day moving average of $83.35 and a 200-day moving average of $81.56. The company has a current ratio of 1.02, a quick ratio of 0.60 and a debt-to-equity ratio of 0.68. The firm has a market cap of $41.96 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 1.10 and a beta of 1.63.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Tuesday, August 22nd were paid a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, August 21st. This is an increase from Microchip Technology’s previous quarterly dividend of $0.38. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.13%. Microchip Technology’s dividend payout ratio (DPR) is 37.96%.
Insider Transactions at Microchip Technology
In related news, CFO James Eric Bjornholt sold 2,363 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $78.63, for a total value of $185,802.69. Following the transaction, the chief financial officer now directly owns 32,004 shares of the company’s stock, valued at approximately $2,516,474.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.07% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on MCHP shares. Citigroup boosted their price objective on shares of Microchip Technology from $76.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, July 18th. Stifel Nicolaus boosted their price objective on shares of Microchip Technology from $95.00 to $105.00 and gave the company an “equal weight” rating in a research report on Thursday, July 20th. Mizuho lowered their price objective on shares of Microchip Technology from $89.00 to $86.00 and set a “neutral” rating for the company in a research report on Friday, August 4th. Wells Fargo & Company upped their target price on shares of Microchip Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 4th. Finally, Morgan Stanley upped their target price on shares of Microchip Technology from $97.00 to $101.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $97.29.
Check Out Our Latest Analysis on MCHP
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells 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; 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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