Gagnon Securities LLC grew its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 30.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,277 shares of the semiconductor company’s stock after purchasing an additional 2,427 shares during the period. Gagnon Securities LLC’s holdings in Microchip Technology were worth $739,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. City Holding Co. lifted its holdings in Microchip Technology by 0.9% during the 4th quarter. City Holding Co. now owns 42,809 shares of the semiconductor company’s stock worth $3,079,000 after buying an additional 395 shares in the last quarter. Davis R M Inc. lifted its stake in shares of Microchip Technology by 1.1% in the 4th quarter. Davis R M Inc. now owns 519,640 shares of the semiconductor company’s stock valued at $37,373,000 after purchasing an additional 5,577 shares during the period. Advisors Capital Management LLC lifted its stake in shares of Microchip Technology by 106.4% in the 4th quarter. Advisors Capital Management LLC now owns 181,491 shares of the semiconductor company’s stock valued at $13,053,000 after purchasing an additional 93,550 shares during the period. MinichMacGregor Wealth Management LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at $2,074,000. Finally, Oak Asset Management LLC lifted its stake in shares of Microchip Technology by 27.3% in the 4th quarter. Oak Asset Management LLC now owns 12,468 shares of the semiconductor company’s stock valued at $897,000 after purchasing an additional 2,676 shares during the period.
In other Microchip Technology news, VP Stephen V. Drehobl sold 4,271 shares of the firm’s stock in a transaction that occurred on Friday, November 23rd. The shares were sold at an average price of $72.06, for a total transaction of $307,768.26. Following the completion of the sale, the vice president now directly owns 17,173 shares in the company, valued at $1,237,486.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,866 shares of the firm’s stock in a transaction that occurred on Friday, November 23rd. The stock was sold at an average price of $72.06, for a total transaction of $134,463.96. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
MCHP has been the subject of a number of recent analyst reports. BidaskClub upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, November 16th. Needham & Company LLC lowered their price objective on shares of Microchip Technology to $100.00 and set a “strong-buy” rating for the company in a research report on Friday, October 26th. Nomura set a $95.00 price objective on shares of Microchip Technology and gave the company a “buy” rating in a research report on Thursday, November 8th. Jefferies Financial Group lowered their price objective on shares of Microchip Technology from $115.00 to $102.00 and set a “buy” rating for the company in a research report on Thursday, November 8th. Finally, Morgan Stanley lowered their target price on Microchip Technology from $98.00 to $95.00 and set an “equal weight” rating for the company in a report on Wednesday, October 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. Microchip Technology presently has a consensus rating of “Buy” and an average price target of $104.42.
NASDAQ:MCHP traded up $1.49 during mid-day trading on Friday, hitting $77.64. The stock had a trading volume of 2,442,766 shares, compared to its average volume of 3,306,099. Microchip Technology Inc. has a twelve month low of $60.70 and a twelve month high of $104.20. The company has a market capitalization of $17.76 billion, a P/E ratio of 14.96, a price-to-earnings-growth ratio of 0.93 and a beta of 1.16. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.64 and a current ratio of 1.04.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.03. Microchip Technology had a net margin of 0.59% and a return on equity of 35.00%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the business posted $1.41 EPS. Microchip Technology’s revenue was up 49.5% on a year-over-year basis. As a group, equities analysts forecast that Microchip Technology Inc. will post 5.98 earnings per share for the current year.
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Microchip Technology Company 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; 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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