Microchip Technology Incorporated (MCHP) Shares Sold by National Asset Management Inc.
National Asset Management Inc. cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,317 shares of the semiconductor company’s stock after selling 241 shares during the quarter. National Asset Management Inc.’s holdings in Microchip Technology were worth $335,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. BB&T Investment Services Inc. bought a new stake in shares of Microchip Technology in the second quarter worth approximately $1,007,000. Raymond James Financial Services Advisors Inc. grew its stake in shares of Microchip Technology by 8.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 625,729 shares of the semiconductor company’s stock worth $48,295,000 after acquiring an additional 50,090 shares during the period. 361 Capital LLC grew its stake in shares of Microchip Technology by 35.3% in the second quarter. 361 Capital LLC now owns 48,830 shares of the semiconductor company’s stock worth $3,769,000 after acquiring an additional 12,730 shares during the period. Bluefin Trading LLC bought a new stake in shares of Microchip Technology in the second quarter worth approximately $523,000. Finally, Moors & Cabot Inc. grew its stake in shares of Microchip Technology by 8.9% in the second quarter. Moors & Cabot Inc. now owns 8,195 shares of the semiconductor company’s stock worth $637,000 after acquiring an additional 667 shares during the period.
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A number of brokerages have recently commented on MCHP. Mizuho reiterated a “neutral” rating and issued a $84.00 price target (up from $80.00) on shares of Microchip Technology in a research note on Wednesday, August 9th. Morgan Stanley reiterated an “overweight” rating and issued a $94.00 price target on shares of Microchip Technology in a research note on Wednesday, September 20th. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Saturday, September 30th. BidaskClub lowered shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Argus began coverage on shares of Microchip Technology in a research note on Friday, October 6th. They issued a “buy” rating and a $106.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Microchip Technology currently has an average rating of “Buy” and an average price target of $90.88.
Microchip Technology Incorporated (MCHP) traded up 0.125% during trading on Monday, hitting $91.875. 101,979 shares of the company were exchanged. The firm’s 50 day moving average price is $88.98 and its 200-day moving average price is $81.87. The stock has a market capitalization of $21.38 billion, a PE ratio of 49.502 and a beta of 1.07. Microchip Technology Incorporated has a 1-year low of $58.42 and a 1-year high of $92.51.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. During the same quarter in the prior year, the company earned $0.84 EPS. Microchip Technology’s quarterly revenue was up 21.6% on a year-over-year basis. Equities analysts predict that Microchip Technology Incorporated will post $5.28 EPS for the current year.
In other news, CFO James Eric Bjornholt sold 2,453 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $200,876.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Wade F. Meyercord sold 1,300 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total transaction of $109,135.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,829 shares of company stock worth $561,905. 2.13% of the stock is owned by corporate insiders.
Microchip Technology Profile
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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