First Republic Investment Management Inc. Has $18.81 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

First Republic Investment Management Inc. decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) by 3.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,223 shares of the semiconductor company’s stock after selling 10,059 shares during the quarter. First Republic Investment Management Inc.’s holdings in Microchip Technology were worth $18,811,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of MCHP. Householder Group Estate & Retirement Specialist LLC acquired a new position in Microchip Technology during the third quarter valued at approximately $25,000. MV Capital Management Inc. lifted its stake in Microchip Technology by 157.1% in the third quarter. MV Capital Management Inc. now owns 432 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 264 shares in the last quarter. Glassman Wealth Services lifted its stake in Microchip Technology by 54.5% in the second quarter. Glassman Wealth Services now owns 516 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 182 shares in the last quarter. CX Institutional bought a new position in Microchip Technology in the second quarter valued at approximately $32,000. Finally, CoreCap Advisors LLC bought a new position in Microchip Technology in the second quarter valued at approximately $34,000. Institutional investors and hedge funds own 89.85% of the company’s stock.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 927 shares of the company’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $64.54, for a total transaction of $59,828.58. Following the completion of the sale, the director now owns 1,369 shares of the company’s stock, valued at $88,355.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by company insiders.

Microchip Technology Trading Down 0.8 %

MCHP stock opened at $75.72 on Wednesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.65 and a current ratio of 1.05. The company’s 50-day simple moving average is $73.75 and its 200 day simple moving average is $68.41. Microchip Technology Incorporated has a 52 week low of $54.33 and a 52 week high of $80.50. The company has a market capitalization of $41.65 billion, a PE ratio of 23.16, a price-to-earnings-growth ratio of 0.83 and a beta of 1.59.

Microchip Technology (NASDAQ:MCHPGet Rating) last released its quarterly earnings results on Thursday, November 3rd. The semiconductor company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.37 by $0.02. Microchip Technology had a net margin of 24.14% and a return on equity of 47.90%. The business had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.06 billion. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 5.66 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 6th. Investors of record on Tuesday, November 22nd were given a dividend of $0.328 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.30. The ex-dividend date was Monday, November 21st. This represents a $1.31 annualized dividend and a yield of 1.73%. Microchip Technology’s dividend payout ratio is currently 40.06%.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research reports. UBS Group cut their price target on shares of Microchip Technology from $100.00 to $90.00 in a research note on Friday, November 4th. Wells Fargo & Company cut their price target on shares of Microchip Technology from $75.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 11th. The Goldman Sachs Group boosted their price objective on shares of Microchip Technology from $67.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, November 7th. Piper Sandler cut their price objective on shares of Microchip Technology from $100.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, November 4th. Finally, Mizuho cut their price objective on shares of Microchip Technology from $75.00 to $72.00 and set a “neutral” rating on the stock in a research report on Friday, November 4th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.10.

About Microchip Technology

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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 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

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

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