361 Capital LLC boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 35.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,830 shares of the semiconductor company’s stock after acquiring an additional 12,730 shares during the period. 361 Capital LLC’s holdings in Microchip Technology were worth $3,769,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Bluefin Trading LLC acquired a new position in Microchip Technology during the 2nd quarter worth $523,000. Moors & Cabot Inc. lifted its position in Microchip Technology by 8.9% during the 2nd quarter. Moors & Cabot Inc. now owns 8,195 shares of the semiconductor company’s stock worth $637,000 after acquiring an additional 667 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in shares of Microchip Technology by 79.5% during the second quarter. Cubist Systematic Strategies LLC now owns 13,886 shares of the semiconductor company’s stock valued at $1,072,000 after buying an additional 6,150 shares during the last quarter. Sciencast Management LP acquired a new position in shares of Microchip Technology during the second quarter valued at about $762,000. Finally, Westover Capital Advisors LLC raised its position in shares of Microchip Technology by 5.1% during the second quarter. Westover Capital Advisors LLC now owns 14,789 shares of the semiconductor company’s stock valued at $1,141,000 after buying an additional 715 shares during the last quarter.
Microchip Technology Incorporated (NASDAQ:MCHP) traded down 0.04% during mid-day trading on Tuesday, reaching $91.45. 176,391 shares of the company were exchanged. The company’s 50 day moving average price is $87.72 and its 200-day moving average price is $81.34. The stock has a market capitalization of $21.28 billion, a price-to-earnings ratio of 49.27 and a beta of 1.07. Microchip Technology Incorporated has a 12-month low of $57.52 and a 12-month high of $92.33.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The business had revenue of $972.10 million during the quarter, compared to analysts’ expectations of $944.87 million. During the same quarter in the previous year, the company earned $0.84 EPS. The business’s revenue was up 21.6% on a year-over-year basis. On average, equities research analysts forecast that Microchip Technology Incorporated will post $5.28 earnings per share for the current fiscal year.
In other news, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $200,876.17. The disclosure for this sale can be found here. Insiders sold a total of 6,829 shares of company stock valued at $561,905 in the last quarter. Corporate insiders own 2.13% of the company’s stock.
MCHP has been the subject of a number of research analyst reports. B. Riley reaffirmed a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a research report on Wednesday, August 9th. BidaskClub lowered shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Microchip Technology in a research report on Monday, July 10th. Credit Suisse Group reaffirmed a “buy” rating on shares of Microchip Technology in a research report on Friday, August 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $120.00 price objective (up previously from $100.00) on shares of Microchip Technology in a research report on Friday, August 4th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $90.94.
Microchip Technology Profile
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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