Concert Wealth Management Inc. bought a new stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,761 shares of the company’s stock, valued at approximately $241,000.
A number of other institutional investors have also recently added to or reduced their stakes in MCHP. National Pension Service raised its position in Microchip Technology by 4.5% in the first quarter. National Pension Service now owns 156,587 shares of the company’s stock valued at $7,547,000 after buying an additional 6,794 shares during the last quarter. AMP Capital Investors Ltd raised its position in Microchip Technology by 20.6% in the first quarter. AMP Capital Investors Ltd now owns 66,646 shares of the company’s stock valued at $3,255,000 after buying an additional 11,400 shares during the last quarter. Nuveen Asset Management LLC raised its position in Microchip Technology by 6.0% in the first quarter. Nuveen Asset Management LLC now owns 26,922 shares of the company’s stock valued at $1,297,000 after buying an additional 1,524 shares during the last quarter. Hancock Holding Co. purchased a new position in Microchip Technology during the first quarter valued at about $2,650,000. Finally, Mariner Wealth Advisors LLC raised its position in Microchip Technology by 22.8% in the first quarter. Mariner Wealth Advisors LLC now owns 44,686 shares of the company’s stock valued at $2,154,000 after buying an additional 8,308 shares during the last quarter.
Microchip Technology Inc. (NASDAQ:MCHP) traded up 1.01% on Friday, hitting $59.00. 2,029,392 shares of the stock were exchanged. Microchip Technology Inc. has a 12 month low of $39.01 and a 12 month high of $63.11. The company has a 50-day moving average of $60.91 and a 200-day moving average of $54.33. The stock has a market cap of $12.70 billion, a price-to-earnings ratio of 159.03 and a beta of 1.11.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, August 8th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $799.40 million for the quarter, compared to analyst estimates of $821.41 million. Microchip Technology had a net margin of 3.28% and a return on equity of 24.87%. The company’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 EPS. On average, equities analysts predict that Microchip Technology Inc. will post $3.41 EPS for the current year.
Several equities analysts have recently weighed in on the stock. Mizuho assumed coverage on shares of Microchip Technology in a report on Friday, September 30th. They set a “neutral” rating and a $67.00 price objective on the stock. B. Riley reiterated a “buy” rating and set a $74.00 price objective on shares of Microchip Technology in a report on Sunday, August 14th. Needham & Company LLC upped their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Credit Suisse Group AG reiterated a “buy” rating and set a $67.00 price objective on shares of Microchip Technology in a report on Tuesday, August 9th. Finally, Jefferies Group upped their price objective on shares of Microchip Technology from $56.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $59.82.
In related news, VP Richard J. Simoncic sold 20,000 shares of Microchip Technology stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $60.47, for a total transaction of $1,209,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Sanghi sold 60,129 shares of Microchip Technology stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $60.58, for a total transaction of $3,642,614.82. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.
Microchip Technology Company 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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