Avitas Wealth Management LLC raised its position in Microchip Technology Inc. (NASDAQ:MCHP) by 8.9% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 10,985 shares of the semiconductor company’s stock after buying an additional 902 shares during the period. Avitas Wealth Management LLC’s holdings in Microchip Technology were worth $867,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. IMS Capital Management acquired a new stake in Microchip Technology during the 3rd quarter worth $62,000. Canada Pension Plan Investment Board raised its stake in Microchip Technology by 14,030.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock worth $129,000 after buying an additional 1,403 shares during the period. Truvestments Capital LLC acquired a new stake in Microchip Technology during the 3rd quarter worth $116,000. Spirit of America Management Corp NY raised its stake in Microchip Technology by 95.2% during the 3rd quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock worth $162,000 after buying an additional 1,000 shares during the period. Finally, Psagot Investment House Ltd. raised its stake in Microchip Technology by 67.7% during the 3rd quarter. Psagot Investment House Ltd. now owns 2,304 shares of the semiconductor company’s stock worth $182,000 after buying an additional 930 shares during the period.
Microchip Technology stock traded up $0.51 during midday trading on Friday, reaching $77.13. 4,549,400 shares of the company’s stock were exchanged, compared to its average volume of 3,814,738. Microchip Technology Inc. has a 52 week low of $60.70 and a 52 week high of $104.20. The stock has a market capitalization of $17.94 billion, a P/E ratio of 14.86, a PEG ratio of 0.94 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 quarterly earnings data on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.03. Microchip Technology had a return on equity of 35.00% and a net margin of 0.59%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the company posted $1.41 earnings per share. The business’s revenue was up 49.5% on a year-over-year basis. Research analysts forecast that Microchip Technology Inc. will post 5.98 earnings per share for the current year.
In other news, VP Stephen V. Drehobl sold 4,271 shares of the business’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 $307,768.26. Following the completion of the sale, the vice president now owns 17,173 shares in the company, valued at $1,237,486.38. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,866 shares of Microchip Technology 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 $134,463.96. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
Several analysts recently commented on MCHP shares. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $115.00 to $95.00 in a research note on Monday, September 17th. ValuEngine downgraded Microchip Technology from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 18th. Cfra reissued a “buy” rating and issued a $110.00 price target on shares of Microchip Technology in a research note on Wednesday, September 19th. BidaskClub downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, September 20th. Finally, KeyCorp began coverage on Microchip Technology in a research note on Tuesday, September 25th. They issued a “sector weight” rating on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. Microchip Technology has an average rating of “Buy” and an average price target of $104.42.
Microchip Technology 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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