Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Lmcg Investments LLC

Lmcg Investments LLC lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 126,259 shares of the semiconductor company’s stock after selling 262 shares during the quarter. Lmcg Investments LLC’s holdings in Microchip Technology were worth $10,137,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Ceredex Value Advisors LLC increased its stake in Microchip Technology by 8.8% in the 3rd quarter. Ceredex Value Advisors LLC now owns 540,400 shares of the semiconductor company’s stock valued at $43,389,000 after buying an additional 43,900 shares during the period. Americana Partners LLC grew its holdings in shares of Microchip Technology by 5.5% during the 3rd quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock valued at $276,000 after acquiring an additional 179 shares in the last quarter. Gladstone Institutional Advisory LLC increased its stake in shares of Microchip Technology by 11.7% in the third quarter. Gladstone Institutional Advisory LLC now owns 14,539 shares of the semiconductor company’s stock worth $1,167,000 after acquiring an additional 1,528 shares during the last quarter. Hills Bank & Trust Co raised its holdings in shares of Microchip Technology by 6.5% during the third quarter. Hills Bank & Trust Co now owns 6,789 shares of the semiconductor company’s stock worth $545,000 after acquiring an additional 413 shares in the last quarter. Finally, Financial Advocates Investment Management boosted its position in Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after purchasing an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by company insiders.

Microchip Technology Stock Performance

MCHP stock traded up $1.44 during mid-day trading on Friday, reaching $74.81. 5,472,977 shares of the stock traded hands, compared to its average volume of 5,932,531. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 52 week low of $71.76 and a 52 week high of $100.57. The business has a 50-day moving average of $77.40 and a two-hundred day moving average of $85.32. The firm has a market capitalization of $40.14 billion, a PE ratio of 29.92 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.56 earnings per share. As a group, equities analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MCHP shares. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Susquehanna reduced their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a research note on Monday, October 21st. Citigroup dropped their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $97.89.

Microchip Technology Profile

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.