Cornerstone Wealth Management LLC bought a new position in Microchip Technology Inc. (NASDAQ:MCHP) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 34,766 shares of the semiconductor company’s stock, valued at approximately $380,000.
A number of other hedge funds have also recently modified their holdings of MCHP. Psagot Investment House Ltd. purchased a new position in Microchip Technology in the 2nd quarter worth $125,000. Canada Pension Plan Investment Board raised its stake in Microchip Technology by 14,030.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock worth $129,000 after acquiring an additional 1,403 shares during the last quarter. Spirit of America Management Corp NY raised its stake in Microchip Technology by 95.2% in the 3rd quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock worth $162,000 after acquiring an additional 1,000 shares during the last quarter. Prospera Financial Services Inc purchased a new position in Microchip Technology in the 2nd quarter worth $200,000. Finally, Homrich & Berg purchased a new position in Microchip Technology in the 2nd quarter worth $202,000.
In other news, VP Stephen V. Drehobl sold 3,998 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $337,151.34. Following the sale, the vice president now directly owns 16,931 shares in the company, valued at approximately $1,427,791.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 1,887 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $159,130.71. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.
NASDAQ:MCHP opened at $69.33 on Tuesday. Microchip Technology Inc. has a 52 week low of $60.70 and a 52 week high of $104.20. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.80 and a current ratio of 1.32. The stock has a market cap of $16.43 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 0.76 and a beta of 1.24.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, beating the Zacks’ consensus estimate of $1.48 by $0.13. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period last year, the firm earned $1.31 EPS. The company’s quarterly revenue was up 24.7% on a year-over-year basis. As a group, analysts expect that Microchip Technology Inc. will post 6.36 EPS for the current fiscal year.
A number of equities analysts recently issued reports on the company. ValuEngine lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, August 14th. Rosenblatt Securities reiterated a “buy” rating and set a $125.00 price objective on shares of Microchip Technology in a research note on Sunday, August 12th. BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research note on Friday, August 10th. KeyCorp reduced their price objective on Microchip Technology from $116.00 to $111.00 and set an “overweight” rating for the company in a research note on Friday, August 10th. Finally, Morgan Stanley reduced their price objective on Microchip Technology from $98.00 to $95.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $110.00.
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About Microchip Technology
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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