First Trust Direct Indexing L.P. Decreases Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

First Trust Direct Indexing L.P. cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 14.8% in the third quarter, HoldingsChannel.com reports. The fund owned 13,814 shares of the semiconductor company’s stock after selling 2,405 shares during the period. First Trust Direct Indexing L.P.’s holdings in Microchip Technology were worth $1,109,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MCHP. Pathway Financial Advisers LLC purchased a new position in Microchip Technology in the 1st quarter valued at about $39,000. Versant Capital Management Inc boosted its stake in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 317 shares during the last quarter. Wolff Wiese Magana LLC raised its position in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 218 shares during the last quarter. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Microchip Technology during the 1st quarter worth approximately $54,000. Finally, TruNorth Capital Management LLC acquired a new stake in shares of Microchip Technology in the 2nd quarter worth $55,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MCHP shares. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. JPMorgan Chase & Co. cut their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price objective for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, Needham & Company LLC decreased their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $97.89.

Microchip Technology Stock Up 2.0 %

MCHP stock opened at $74.81 on Friday. Microchip Technology Incorporated has a fifty-two week low of $71.76 and a fifty-two week high of $100.57. The company’s 50 day moving average price is $77.40 and its 200 day moving average price is $85.32. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The firm has a market capitalization of $40.14 billion, a price-to-earnings ratio of 29.92 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the firm posted $1.56 earnings per share. The company’s revenue was down 45.8% compared to the same quarter last year. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.10% of the stock is owned by company insiders.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.