Greenleaf Trust Has $1.42 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Greenleaf Trust lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.6% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 24,691 shares of the semiconductor company’s stock after selling 2,913 shares during the period. Greenleaf Trust’s holdings in Microchip Technology were worth $1,416,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Spire Wealth Management lifted its position in shares of Microchip Technology by 18.5% in the 4th quarter. Spire Wealth Management now owns 3,340 shares of the semiconductor company’s stock worth $192,000 after acquiring an additional 521 shares during the period. DAVENPORT & Co LLC raised its stake in shares of Microchip Technology by 6.4% in the fourth quarter. DAVENPORT & Co LLC now owns 93,382 shares of the semiconductor company’s stock valued at $5,355,000 after purchasing an additional 5,610 shares in the last quarter. Symphony Financial Ltd. Co. bought a new position in Microchip Technology in the fourth quarter worth $520,000. China Universal Asset Management Co. Ltd. boosted its stake in Microchip Technology by 28.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,739 shares of the semiconductor company’s stock worth $501,000 after buying an additional 1,934 shares in the last quarter. Finally, Boomfish Wealth Group LLC increased its holdings in Microchip Technology by 36.1% in the 4th quarter. Boomfish Wealth Group LLC now owns 38,863 shares of the semiconductor company’s stock valued at $2,229,000 after buying an additional 10,311 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Down 3.8 %

Shares of NASDAQ MCHP opened at $52.26 on Tuesday. Microchip Technology Incorporated has a 1-year low of $51.37 and a 1-year high of $100.57. The company has a 50-day moving average of $59.29 and a two-hundred day moving average of $71.03. The company has a market cap of $28.06 billion, a PE ratio of 36.55 and a beta of 1.50. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.54 EPS. As a group, equities analysts expect that Microchip Technology Incorporated will post 1.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Piper Sandler reduced their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Citigroup cut their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. TD Cowen lowered their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. KeyCorp cut their target price on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. Finally, StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

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.