Merit Financial Group LLC Invests $359,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Merit Financial Group LLC purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Get Rating) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,887 shares of the semiconductor company's stock, valued at approximately $359,000.

Other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter worth about $212,000. Raymond James Trust N.A. increased its position in shares of Microchip Technology by 1.4% during the 3rd quarter. Raymond James Trust N.A. now owns 24,821 shares of the semiconductor company's stock worth $1,515,000 after purchasing an additional 353 shares during the last quarter. Czech National Bank acquired a new stake in shares of Microchip Technology during the 3rd quarter worth about $3,915,000. Alta Advisers Ltd acquired a new stake in shares of Microchip Technology during the 3rd quarter worth about $110,000. Finally, New York State Teachers Retirement System increased its position in shares of Microchip Technology by 3.4% during the 3rd quarter. New York State Teachers Retirement System now owns 621,877 shares of the semiconductor company's stock worth $37,953,000 after purchasing an additional 20,165 shares during the last quarter. Hedge funds and other institutional investors own 89.85% of the company's stock.

Microchip Technology Price Performance

MCHP stock opened at $74.92 on Friday. The business has a 50 day moving average price of $73.37 and a 200 day moving average price of $67.50. The stock has a market cap of $41.21 billion, a price-to-earnings ratio of 22.91, a PEG ratio of 0.81 and a beta of 1.59. Microchip Technology Incorporated has a fifty-two week low of $54.33 and a fifty-two week high of $84.38. The company has a quick ratio of 0.65, a current ratio of 1.05 and a debt-to-equity ratio of 1.03.

Microchip Technology (NASDAQ:MCHP - Get Rating) last posted its earnings results on Thursday, November 3rd. The semiconductor company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.02. The firm had revenue of $2.07 billion during the quarter, compared to analysts' expectations of $2.06 billion. Microchip Technology had a return on equity of 47.90% and a net margin of 24.14%. Equities research analysts anticipate that Microchip Technology Incorporated will post 5.66 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 6th. Investors of record on Tuesday, November 22nd were paid 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 of this dividend was Monday, November 21st. This represents a $1.31 annualized dividend and a yield of 1.75%. Microchip Technology's payout ratio is presently 40.06%.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 927 shares of the business's stock in a transaction that occurred on Monday, November 7th. The stock was 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 in the company, valued at $88,355.26. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on Microchip Technology in a research report on Wednesday, October 12th. They set a "buy" rating for the company. Piper Sandler dropped their target price on Microchip Technology from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, November 4th. Stifel Nicolaus lifted their target price on Microchip Technology from $77.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, November 29th. Morgan Stanley dropped their target price on Microchip Technology from $82.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, November 4th. Finally, Credit Suisse Group began coverage on Microchip Technology in a research report on Tuesday, November 15th. They issued a "neutral" rating and a $85.00 target price for the company. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.50.

Microchip Technology Company Profile

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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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