LS Investment Advisors LLC boosted its position in Microchip Technology Inc. (NASDAQ:MCHP) by 1.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,056 shares of the semiconductor company’s stock after purchasing an additional 108 shares during the quarter. LS Investment Advisors LLC’s holdings in Microchip Technology were worth $563,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new position in Microchip Technology in the second quarter worth about $37,000. TCI Wealth Advisors Inc. raised its holdings in Microchip Technology by 118.0% in the third quarter. TCI Wealth Advisors Inc. now owns 447 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 242 shares in the last quarter. Spectrum Management Group Inc. raised its holdings in Microchip Technology by 127.1% in the second quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 253 shares in the last quarter. Oakworth Capital Inc. bought a new position in Microchip Technology in the second quarter worth about $40,000. Finally, Coastal Investment Advisors Inc. raised its holdings in Microchip Technology by 74.9% in the second quarter. Coastal Investment Advisors Inc. now owns 502 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 215 shares in the last quarter.
Shares of NASDAQ:MCHP opened at $95.62 on Thursday. Microchip Technology Inc. has a twelve month low of $65.67 and a twelve month high of $101.57. The company’s 50 day moving average is $94.01 and its 200 day moving average is $90.22. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65. The company has a market cap of $23.75 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 1.83 and a beta of 1.44.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.13. Microchip Technology had a net margin of 6.79% and a return on equity of 27.79%. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the company earned $1.81 EPS. Microchip Technology’s quarterly revenue was down 6.6% on a year-over-year basis. Equities research analysts predict that Microchip Technology Inc. will post 5.21 earnings per share for the current fiscal year.
In related news, VP Richard J. Simoncic sold 3,437 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $304,518.20. Following the transaction, the vice president now owns 18,178 shares in the company, valued at approximately $1,610,570.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 1,937 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $171,618.20. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by corporate insiders.
A number of equities analysts have commented on MCHP shares. Citigroup reiterated a “buy” rating and issued a $109.00 target price (up from $104.00) on shares of Microchip Technology in a report on Wednesday. Zacks Investment Research downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 target price for the company. in a report on Thursday, July 25th. B. Riley reduced their target price on shares of Microchip Technology from $120.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday. Cfra set a $100.00 target price on shares of Microchip Technology and gave the stock a “hold” rating in a report on Saturday, September 7th. Finally, Wells Fargo & Co cut their price objective on shares of Microchip Technology from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $103.53.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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