Conning Inc. trimmed its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 11.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,445 shares of the semiconductor company’s stock after selling 550 shares during the period. Conning Inc.’s holdings in Microchip Technology were worth $320,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Webster Bank N. A. increased its holdings in shares of Microchip Technology by 19.3% in the fourth quarter. Webster Bank N. A. now owns 864 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 140 shares during the last quarter. Orrstown Financial Services Inc. increased its holdings in shares of Microchip Technology by 2.8% in the fourth quarter. Orrstown Financial Services Inc. now owns 12,710 shares of the semiconductor company’s stock valued at $914,000 after purchasing an additional 351 shares during the last quarter. City Holding Co. increased its holdings in shares of Microchip Technology by 0.9% in the fourth quarter. City Holding Co. now owns 42,809 shares of the semiconductor company’s stock valued at $3,079,000 after purchasing an additional 395 shares during the last quarter. Davidson Investment Advisors increased its holdings in shares of Microchip Technology by 0.4% in the fourth quarter. Davidson Investment Advisors now owns 110,886 shares of the semiconductor company’s stock valued at $7,975,000 after purchasing an additional 403 shares during the last quarter. Finally, Texas Capital Bancshares Inc. TX increased its holdings in shares of Microchip Technology by 12.2% in the fourth quarter. Texas Capital Bancshares Inc. TX now owns 3,983 shares of the semiconductor company’s stock valued at $287,000 after purchasing an additional 434 shares during the last quarter.

In related news, CFO James Eric Bjornholt sold 1,866 shares of the company’s stock in a transaction dated Friday, November 23rd. The shares were sold at an average price of $72.06, for a total transaction of $134,463.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Stephen V. Drehobl sold 4,271 shares of the company’s stock in a transaction dated Friday, November 23rd. The stock was sold at an average price of $72.06, for a total transaction of $307,768.26. Following the sale, the vice president now directly owns 17,173 shares of the company’s stock, valued at approximately $1,237,486.38. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

MCHP opened at $81.87 on Friday. Microchip Technology Inc. has a twelve month low of $60.70 and a twelve month high of $104.20. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.04 and a quick ratio of 0.64. The stock has a market cap of $19.01 billion, a P/E ratio of 15.77, a PEG ratio of 0.99 and a beta of 1.21.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.03. Microchip Technology had a net margin of 0.59% and a return on equity of 35.00%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the prior year, the business posted $1.41 earnings per share. Microchip Technology’s revenue was up 49.5% compared to the same quarter last year. As a group, analysts anticipate that Microchip Technology Inc. will post 5.98 EPS for the current fiscal year.

MCHP has been the topic of several research reports. BidaskClub downgraded shares of Microchip Technology from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 9th. Needham & Company LLC reiterated a “buy” rating on shares of Microchip Technology in a report on Thursday, November 8th. Bank of America decreased their price objective on shares of Microchip Technology from $86.00 to $80.00 and set a “neutral” rating on the stock in a report on Thursday, November 8th. Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Finally, Morgan Stanley upped their price target on shares of Microchip Technology from $72.00 to $75.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $103.89.

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Microchip Technology 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.

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

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