US Bancorp DE reduced its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 6.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 295,493 shares of the semiconductor company’s stock after selling 20,070 shares during the quarter. US Bancorp DE owned about 0.13% of Microchip Technology worth $23,318,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in Microchip Technology by 0.4% in the first quarter. Principal Financial Group Inc. now owns 5,616,587 shares of the semiconductor company’s stock worth $513,132,000 after buying an additional 24,008 shares during the last quarter. DnB Asset Management AS lifted its position in Microchip Technology by 4.0% in the second quarter. DnB Asset Management AS now owns 28,946 shares of the semiconductor company’s stock worth $2,633,000 after buying an additional 1,100 shares during the last quarter. IFM Investors Pty Ltd lifted its position in Microchip Technology by 43.8% in the second quarter. IFM Investors Pty Ltd now owns 10,669 shares of the semiconductor company’s stock worth $970,000 after buying an additional 3,248 shares during the last quarter. CENTRAL TRUST Co lifted its position in Microchip Technology by 25.9% in the second quarter. CENTRAL TRUST Co now owns 12,246 shares of the semiconductor company’s stock worth $1,114,000 after buying an additional 2,520 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Microchip Technology by 3.6% in the second quarter. State of Alaska Department of Revenue now owns 35,340 shares of the semiconductor company’s stock worth $3,213,000 after buying an additional 1,223 shares during the last quarter.
A number of analysts recently issued reports on MCHP shares. ValuEngine downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, August 14th. Rosenblatt Securities reiterated a “buy” rating and set a $125.00 target price on shares of Microchip Technology in a research report on Sunday, August 12th. BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. KeyCorp decreased their target price on Microchip Technology from $116.00 to $111.00 and set an “overweight” rating for the company in a research report on Friday, August 10th. Finally, Morgan Stanley decreased their target price on Microchip Technology from $98.00 to $95.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $110.00.
NASDAQ:MCHP opened at $69.33 on Tuesday. Microchip Technology Inc. has a twelve month low of $60.70 and a twelve month high of $104.20. The firm 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. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.48 by $0.13. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.21 billion. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The business’s revenue for the quarter was up 24.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.31 earnings per share. On average, sell-side analysts anticipate that Microchip Technology Inc. will post 6.36 earnings per share for the current year.
In other news, CFO James Eric Bjornholt sold 1,887 shares of the firm’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $159,130.71. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Ganesh Moorthy purchased 12,000 shares of the business’s stock in a transaction dated Tuesday, August 14th. The shares were purchased at an average price of $84.10 per share, for a total transaction of $1,009,200.00. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.
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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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