Disciplined Growth Investors Inc. MN Raises Holdings in Microchip Technology Incorporated (MCHP)

Disciplined Growth Investors Inc. MN grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 954,660 shares of the semiconductor company’s stock after purchasing an additional 5,451 shares during the quarter. Microchip Technology makes up about 1.5% of Disciplined Growth Investors Inc. MN’s holdings, making the stock its 27th largest position. Disciplined Growth Investors Inc. MN owned 0.41% of Microchip Technology worth $73,681,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Grove Bank & Trust grew its holdings in shares of Microchip Technology by 15.8% during the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after purchasing an additional 190 shares during the last quarter. Trust Co. of Vermont grew its holdings in shares of Microchip Technology by 9.2% during the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock worth $125,000 after purchasing an additional 136 shares during the last quarter. Smithfield Trust Co. grew its holdings in shares of Microchip Technology by 0.4% during the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after purchasing an additional 7 shares during the last quarter. Commonwealth Bank of Australia grew its holdings in shares of Microchip Technology by 1.4% during the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after purchasing an additional 29 shares during the last quarter. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Microchip Technology during the first quarter worth about $173,000.

Several brokerages have issued reports on MCHP. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $90.00 price objective on shares of Microchip Technology in a report on Thursday. Argus began coverage on Microchip Technology in a report on Friday, October 6th. They set a “buy” rating and a $106.00 price objective on the stock. Zacks Investment Research lowered Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. ValuEngine lowered Microchip Technology from a “buy” rating to a “hold” rating in a report on Saturday, September 30th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $94.00 price objective on shares of Microchip Technology in a report on Thursday, September 28th. Seven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $90.88.

In other Microchip Technology news, Director Wade F. Meyercord sold 1,300 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 3,076 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total transaction of $251,893.64. Following the completion of the transaction, the vice president now owns 14,263 shares of the company’s stock, valued at approximately $1,167,997.07. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,829 shares of company stock valued at $561,905. 2.13% of the stock is owned by insiders.

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Microchip Technology Incorporated (NASDAQ:MCHP) traded up 0.63% during trading on Friday, hitting $92.36. The company had a trading volume of 376,169 shares. The company has a market cap of $21.49 billion, a PE ratio of 49.76 and a beta of 1.07. Microchip Technology Incorporated has a 12 month low of $58.42 and a 12 month high of $92.51. The company’s 50 day moving average price is $88.54 and its 200-day moving average price is $81.62.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS 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 firm had revenue of $972.10 million during the quarter, compared to analysts’ expectations of $944.87 million. During the same quarter in the prior year, the firm earned $0.84 EPS. Microchip Technology’s quarterly revenue was up 21.6% on a year-over-year basis. Equities analysts expect that Microchip Technology Incorporated will post $5.28 earnings per share for the current year.

About Microchip Technology

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.

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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