Silvercrest Asset Management Group LLC Has $140.49 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)
Silvercrest Asset Management Group LLC boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 30.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,568,169 shares of the semiconductor company’s stock after purchasing an additional 366,687 shares during the period. Microchip Technology comprises about 1.0% of Silvercrest Asset Management Group LLC’s portfolio, making the stock its 10th largest holding. Silvercrest Asset Management Group LLC owned 0.29% of Microchip Technology worth $140,492,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the business. Panagora Asset Management Inc. grew its position in shares of Microchip Technology by 31.8% in the 1st quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock valued at $1,633,000 after acquiring an additional 5,237 shares during the period. Cibc World Market Inc. grew its position in shares of Microchip Technology by 292.9% in the 1st quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock valued at $3,331,000 after acquiring an additional 33,044 shares during the period. Vontobel Holding Ltd. grew its position in shares of Microchip Technology by 4.1% in the 1st quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock valued at $2,259,000 after acquiring an additional 1,159 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of Microchip Technology by 34.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock valued at $335,000 after acquiring an additional 1,133 shares during the period. Finally, Loomis Sayles & Co. L P grew its position in shares of Microchip Technology by 1,272.4% in the 1st quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company’s stock valued at $24,550,000 after acquiring an additional 302,910 shares during the period. Institutional investors own 90.85% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on the stock. KeyCorp cut their target price on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Friday, November 3rd. Mizuho cut their target price on shares of Microchip Technology from $89.00 to $86.00 and set a “neutral” rating for the company in a research note on Friday, August 4th. Morgan Stanley cut their target price on shares of Microchip Technology from $96.00 to $90.00 and set an “overweight” rating for the company in a research note on Friday, November 3rd. Susquehanna cut their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Friday, November 3rd. Finally, Wells Fargo & Company raised 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 note on Friday, August 4th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.13.
Check Out Our Latest Research Report on MCHP
Microchip Technology Price Performance
Shares of NASDAQ:MCHP traded up $1.22 during midday trading on Friday, hitting $84.66. The stock had a trading volume of 3,883,615 shares, compared to its average volume of 4,715,723. The company’s 50-day moving average price is $78.14 and its 200-day moving average price is $81.34. The company has a market capitalization of $45.80 billion, a P/E ratio of 18.61, a price-to-earnings-growth ratio of 1.34 and a beta of 1.61. The company has a quick ratio of 0.64, a current ratio of 1.03 and a debt-to-equity ratio of 0.63. Microchip Technology Incorporated has a fifty-two week low of $67.69 and a fifty-two week high of $94.30.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last issued its earnings results on Thursday, November 2nd. The semiconductor company reported $1.54 EPS for the quarter, missing the consensus estimate of $1.55 by ($0.01). The firm had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.26 billion. Microchip Technology had a net margin of 28.14% and a return on equity of 50.90%. As a group, equities research analysts predict that Microchip Technology Incorporated will post 5.18 EPS for the current fiscal year.
Microchip Technology Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 6th. Stockholders of record on Wednesday, November 22nd will be given a $0.439 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a dividend yield of 2.07%. Microchip Technology’s payout ratio is presently 38.68%.
Insider Activity at Microchip Technology
In related news, CFO James Eric Bjornholt sold 2,324 shares of Microchip Technology stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $83.44, for a total transaction of $193,914.56. Following the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,744,591.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is currently owned by insiders.
About Microchip Technology (Free Report)
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.
Further Reading
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