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.
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