Centre Asset Management LLC Raises Position in Microchip Technology Incorporated (MCHP)

Centre Asset Management LLC lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 78,180 shares of the semiconductor company’s stock after purchasing an additional 3,280 shares during the quarter. Microchip Technology comprises about 1.8% of Centre Asset Management LLC’s investment portfolio, making the stock its 28th largest position. Centre Asset Management LLC’s holdings in Microchip Technology were worth $7,019,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of MCHP. Principal Financial Group Inc. grew its stake in Microchip Technology by 66.5% in the 2nd quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock valued at $484,434,000 after acquiring an additional 2,507,707 shares during the last quarter. Nicolet Bankshares Inc. grew its stake in Microchip Technology by 0.3% in the 2nd quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock valued at $281,000 after acquiring an additional 11 shares during the last quarter. 361 Capital LLC grew its stake in Microchip Technology by 35.3% in the 2nd quarter. 361 Capital LLC now owns 48,830 shares of the semiconductor company’s stock valued at $3,769,000 after acquiring an additional 12,730 shares during the last quarter. Norinchukin Bank The grew its stake in Microchip Technology by 13.2% in the 2nd quarter. Norinchukin Bank The now owns 15,920 shares of the semiconductor company’s stock valued at $1,229,000 after acquiring an additional 1,857 shares during the last quarter. Finally, Caxton Associates LP acquired a new stake in Microchip Technology in the 1st quarter valued at about $516,000.

MCHP has been the topic of a number of recent research reports. Credit Suisse Group restated a “buy” rating on shares of Microchip Technology in a report on Friday, August 4th. BidaskClub lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Needham & Company LLC restated a “buy” rating and issued a $120.00 target price on shares of Microchip Technology in a report on Tuesday, September 19th. B. Riley reiterated a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a report on Wednesday, August 9th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $94.00 price objective (up from $92.00) on shares of Microchip Technology in a report on Friday, August 4th. Seven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $91.59.

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Shares of Microchip Technology Incorporated (NASDAQ:MCHP) traded up 0.92% during trading on Friday, reaching $93.98. The company had a trading volume of 564,607 shares. The stock has a 50 day moving average price of $90.29 and a 200 day moving average price of $82.90. Microchip Technology Incorporated has a 12 month low of $59.38 and a 12 month high of $94.66. The firm has a market capitalization of $21.87 billion, a PE ratio of 50.64 and a beta of 1.07.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm had revenue of $972.10 million during the quarter, compared to analysts’ expectations of $944.87 million. During the same period in the prior year, the firm posted $0.84 earnings per share. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. On average, equities research analysts forecast that Microchip Technology Incorporated will post $5.28 EPS for the current year.

In other news, VP Stephen V. Drehobl sold 3,076 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the sale, the vice president now directly owns 14,263 shares of the company’s stock, valued at $1,167,997.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Wade F. Meyercord sold 1,300 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The disclosure for this sale can be found here. Insiders have sold 6,829 shares of company stock valued at $561,905 over the last three months. Insiders own 2.13% of the company’s stock.

About Microchip Technology

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.

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

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