Xact Kapitalforvaltning AB increased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 15.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,587 shares of the semiconductor company’s stock after buying an additional 4,120 shares during the period. Xact Kapitalforvaltning AB’s holdings in Microchip Technology were worth $2,438,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the company. Duncker Streett & Co. Inc. boosted its stake in Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock worth $125,000 after buying an additional 503 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $135,000. Webster Bank N. A. boosted its position in shares of Microchip Technology by 67.8% in the first quarter. Webster Bank N. A. now owns 1,980 shares of the semiconductor company’s stock worth $146,000 after buying an additional 800 shares during the last quarter. Harbour Capital Advisors LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $173,000. Finally, Global X Management Co. LLC boosted its position in shares of Microchip Technology by 29.0% in the first quarter. Global X Management Co. LLC now owns 2,570 shares of the semiconductor company’s stock worth $190,000 after buying an additional 578 shares during the last quarter. 98.66% of the stock is currently owned by institutional investors.
Microchip Technology Incorporated (NASDAQ:MCHP) opened at 79.11 on Wednesday. The company has a 50-day moving average of $81.67 and a 200 day moving average of $73.61. The firm has a market cap of $18.15 billion, a P/E ratio of 112.21 and a beta of 1.05. Microchip Technology Incorporated has a 52 week low of $50.77 and a 52 week high of $87.49.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, May 9th. The semiconductor company reported $1.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.10. Microchip Technology had a return on equity of 31.64% and a net margin of 4.83%. The business had revenue of $902.70 million for the quarter, compared to the consensus estimate of $891.14 million. During the same period last year, the business earned $0.70 EPS. The firm’s revenue was up 61.9% compared to the same quarter last year. On average, equities analysts predict that Microchip Technology Incorporated will post $4.96 earnings per share for the current year.
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A number of equities analysts have recently commented on the stock. B. Riley reaffirmed a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a report on Tuesday, June 6th. Stifel Nicolaus lifted their target price on shares of Microchip Technology from $88.00 to $89.00 and gave the company a “buy” rating in a report on Tuesday, June 6th. Raymond James Financial, Inc. assumed coverage on shares of Microchip Technology in a report on Friday, June 16th. They issued an “outperform” rating and a $95.00 target price on the stock. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 target price (up from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $85.25.
In related news, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $319,072.46. Following the transaction, the vice president now directly owns 14,263 shares of the company’s stock, valued at approximately $1,145,176.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,510 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $201,527.90. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.
Microchip Technology Company Profile
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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