State of Michigan Retirement System increased its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 14.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 62,647 shares of the semiconductor company’s stock after acquiring an additional 7,875 shares during the period. State of Michigan Retirement System’s holdings in Microchip Technology were worth $6,597,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Quadrant Capital Group LLC boosted its holdings in Microchip Technology by 14.9% during the fourth quarter. Quadrant Capital Group LLC now owns 2,330 shares of the semiconductor company’s stock worth $231,000 after buying an additional 303 shares in the last quarter. Guggenheim Capital LLC grew its position in shares of Microchip Technology by 21.5% during the 4th quarter. Guggenheim Capital LLC now owns 109,673 shares of the semiconductor company’s stock valued at $11,485,000 after acquiring an additional 19,439 shares during the period. Marshall Wace LLP acquired a new stake in shares of Microchip Technology during the 4th quarter valued at about $62,000. AQR Capital Management LLC purchased a new position in shares of Microchip Technology in the 4th quarter valued at about $2,042,000. Finally, State of Alaska Department of Revenue raised its holdings in Microchip Technology by 7.9% in the 1st quarter. State of Alaska Department of Revenue now owns 108,512 shares of the semiconductor company’s stock worth $7,356,000 after purchasing an additional 7,961 shares during the period.
A number of analysts have recently commented on MCHP shares. BNP Paribas began coverage on Microchip Technology in a research report on Thursday, July 9th. They issued a “neutral” rating and a $110.00 price objective for the company. TheStreet upgraded shares of Microchip Technology from a “c+” rating to a “b” rating in a research report on Wednesday, June 3rd. Citigroup increased their price objective on shares of Microchip Technology from $104.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Susquehanna Bancshares cut their target price on shares of Microchip Technology from $130.00 to $115.00 and set a “positive” rating for the company in a research note on Thursday, April 9th. Finally, Needham & Company LLC raised their price target on shares of Microchip Technology from $130.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $115.30.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,756 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $86.92, for a total transaction of $239,551.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mitchell R. Little sold 3,122 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $112.70, for a total value of $351,849.40. Following the sale, the vice president now directly owns 7,478 shares of the company’s stock, valued at approximately $842,770.60. The disclosure for this sale can be found here. Insiders have sold 26,336 shares of company stock worth $2,684,160 over the last ninety days. 2.15% of the stock is owned by insiders.
NASDAQ MCHP opened at $101.73 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.94 and a current ratio of 1.35. The stock’s fifty day moving average is $103.59 and its two-hundred day moving average is $93.37. The firm has a market capitalization of $24.37 billion, a P/E ratio of 20.22, a price-to-earnings-growth ratio of 1.29 and a beta of 1.61. Microchip Technology Inc. has a fifty-two week low of $53.15 and a fifty-two week high of $113.28.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, May 7th. The semiconductor company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.35 by $0.11. Microchip Technology had a return on equity of 23.63% and a net margin of 10.82%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the firm earned $1.48 EPS. The company’s quarterly revenue was down .2% compared to the same quarter last year. As a group, sell-side analysts forecast that Microchip Technology Inc. will post 5.43 EPS for the current year.
Microchip Technology Company Profile
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.
Read More: Pattern Day Trader – What is the PDT Rule?
Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Inc. (NASDAQ:MCHP).
Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.