Castleark Management LLC Increases Holdings in Microchip Technology (NASDAQ:MCHP)

Castleark Management LLC lifted its stake in Microchip Technology (NASDAQ:MCHP) by 28.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 333,057 shares of the semiconductor company’s stock after purchasing an additional 73,861 shares during the period. Microchip Technology accounts for about 0.9% of Castleark Management LLC’s investment portfolio, making the stock its 26th biggest holding. Castleark Management LLC owned about 0.14% of Microchip Technology worth $29,269,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of MCHP. Vident Investment Advisory LLC increased its stake in Microchip Technology by 38.9% during the 4th quarter. Vident Investment Advisory LLC now owns 212,963 shares of the semiconductor company’s stock valued at $18,715,000 after purchasing an additional 59,641 shares in the last quarter. Laurel Wealth Advisors Inc. bought a new stake in shares of Microchip Technology in the fourth quarter worth approximately $228,000. Platinum Investment Management Ltd. bought a new stake in shares of Microchip Technology in the fourth quarter worth approximately $23,973,000. Verition Fund Management LLC grew its stake in shares of Microchip Technology by 161.5% in the fourth quarter. Verition Fund Management LLC now owns 10,846 shares of the semiconductor company’s stock worth $953,000 after acquiring an additional 6,698 shares during the period. Finally, Clark Capital Management Group Inc. grew its stake in shares of Microchip Technology by 6.1% in the fourth quarter. Clark Capital Management Group Inc. now owns 313,633 shares of the semiconductor company’s stock worth $27,562,000 after acquiring an additional 18,017 shares during the period.

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Several analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Microchip Technology from $97.00 to $99.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Piper Jaffray assumed coverage on shares of Microchip Technology in a research report on Monday, December 18th. They set an “overweight” rating and a $100.00 target price for the company. Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. BidaskClub downgraded shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, January 26th. Finally, Bank of America lowered their target price on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, February 7th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $103.99.

In related news, CEO Steve Sanghi sold 20,124 shares of the stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $94.80, for a total value of $1,907,755.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Mitchell R. Little sold 4,159 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $84.14, for a total transaction of $349,938.26. Following the sale, the vice president now directly owns 15,767 shares in the company, valued at approximately $1,326,635.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,667 shares of company stock worth $3,132,552. 2.13% of the stock is owned by corporate insiders.

Shares of MCHP stock traded down $3.35 during mid-day trading on Friday, hitting $86.27. 2,453,481 shares of the stock traded hands, compared to its average volume of 2,705,798. The firm has a market cap of $21,001.83, a price-to-earnings ratio of 23.70, a PEG ratio of 1.11 and a beta of 1.06. Microchip Technology has a 52-week low of $71.40 and a 52-week high of $101.48. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $1.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The firm had revenue of $994.10 million during the quarter, compared to analyst estimates of $992.10 million. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. Microchip Technology’s revenue was up 19.1% on a year-over-year basis. During the same period last year, the firm posted $1.05 EPS. equities analysts predict that Microchip Technology will post 5.13 earnings per share for the current fiscal year.

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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; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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

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