Microchip Technology Incorporated $MCHP Shares Bought by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 172,722.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,554 shares of the semiconductor company’s stock after purchasing an additional 15,545 shares during the period. Provenance Wealth Advisors LLC’s holdings in Microchip Technology were worth $1,210,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Microchip Technology in the second quarter worth about $537,423,000. Legal & General Group Plc purchased a new position in shares of Microchip Technology during the 2nd quarter worth approximately $312,597,000. Van ECK Associates Corp grew its holdings in shares of Microchip Technology by 18.3% during the 2nd quarter. Van ECK Associates Corp now owns 8,224,808 shares of the semiconductor company’s stock worth $750,102,000 after acquiring an additional 1,272,838 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Microchip Technology in the 3rd quarter worth approximately $94,304,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Microchip Technology by 23.5% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,060,528 shares of the semiconductor company’s stock worth $461,520,000 after acquiring an additional 962,362 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Activity at Microchip Technology

In other news, CFO James Bjornholt sold 4,112 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $75.32, for a total value of $309,715.84. Following the completion of the transaction, the chief financial officer owned 28,573 shares in the company, valued at $2,152,118.36. The trade was a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.79% of the company’s stock.

Microchip Technology Stock Down 3.3%

Shares of Microchip Technology stock opened at $75.30 on Thursday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92. The stock has a market capitalization of $40.89 billion, a PE ratio of 112.39, a price-to-earnings-growth ratio of 0.54 and a beta of 1.84. Microchip Technology Incorporated has a 52-week low of $48.52 and a 52-week high of $105.91. The company has a 50-day simple moving average of $75.37 and a two-hundred day simple moving average of $79.53.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 6th. The semiconductor company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the prior year, the company posted $0.27 earnings per share. The business’s revenue for the quarter was up 38.0% on a year-over-year basis. On average, analysts anticipate that Microchip Technology Incorporated will post 3.20 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MCHP shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $120.00 price target on shares of Microchip Technology in a research note on Friday, August 7th. TD Cowen lowered their price objective on Microchip Technology from $90.00 to $75.00 and set a “hold” rating for the company in a research report on Monday, October 19th. Zacks Research cut shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Wells Fargo & Company reduced their target price on shares of Microchip Technology from $88.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 20th. Finally, UBS Group reiterated a “buy” rating and issued a $120.00 price target (down from $130.00) on shares of Microchip Technology in a research note on Friday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $97.71.

Microchip Technology Profile

Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip’s products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.