1st Global Advisors Inc. lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 7.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,747 shares of the semiconductor company’s stock after selling 2,599 shares during the period. 1st Global Advisors Inc.’s holdings in Microchip Technology were worth $2,450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Grove Bank & Trust raised its position in Microchip Technology by 15.8% in the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after purchasing an additional 190 shares in the last quarter. Trust Co. of Vermont raised its position in Microchip Technology by 9.2% in the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 136 shares in the last quarter. Smithfield Trust Co. raised its position in Microchip Technology by 0.4% in the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 7 shares in the last quarter. Commonwealth Bank of Australia raised its position in Microchip Technology by 1.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after purchasing an additional 29 shares in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new stake in Microchip Technology in the 1st quarter valued at about $173,000.
In related news, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total value of $109,135.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $200,876.17. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,829 shares of company stock valued at $561,905. 2.13% of the stock is owned by corporate insiders.
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A number of equities research analysts have issued reports on the company. SunTrust Banks, Inc. reaffirmed a “hold” rating and issued a $90.00 price target on shares of Microchip Technology in a research report on Thursday. Argus began coverage on Microchip Technology in a report on Friday, October 6th. They issued a “buy” rating and a $106.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $120.00 price objective on shares of Microchip Technology in a report on Tuesday, September 19th. Morgan Stanley reiterated an “overweight” rating and issued a $94.00 price objective on shares of Microchip Technology in a report on Wednesday, September 20th. Finally, Zacks Investment Research downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Seven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Microchip Technology currently has an average rating of “Buy” and an average target price of $90.88.
Microchip Technology Incorporated (NASDAQ MCHP) traded up 0.60% on Friday, reaching $92.33. The company had a trading volume of 313,656 shares. The firm has a market capitalization of $21.49 billion, a PE ratio of 49.75 and a beta of 1.07. Microchip Technology Incorporated has a 12 month low of $58.42 and a 12 month high of $92.40. The stock has a 50 day moving average of $88.54 and a 200 day moving average of $81.62.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.17. The firm had revenue of $972.10 million during the quarter, compared to analyst estimates of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. Microchip Technology’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 earnings per share. On average, analysts anticipate that Microchip Technology Incorporated will post $5.28 EPS for the current year.
About Microchip Technology
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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