Microchip Technology Inc. (MCHP) Stake Increased by Polaris Greystone Financial Group LLC

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Polaris Greystone Financial Group LLC lifted its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 5.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 245,739 shares of the semiconductor company’s stock after buying an additional 11,604 shares during the quarter. Polaris Greystone Financial Group LLC’s holdings in Microchip Technology were worth $19,391,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership acquired a new position in Microchip Technology in the second quarter worth $96,187,000. OppenheimerFunds Inc. boosted its holdings in Microchip Technology by 114.5% in the second quarter. OppenheimerFunds Inc. now owns 1,753,557 shares of the semiconductor company’s stock worth $159,486,000 after purchasing an additional 935,884 shares during the period. Millennium Management LLC boosted its holdings in Microchip Technology by 1,900.4% in the second quarter. Millennium Management LLC now owns 705,152 shares of the semiconductor company’s stock worth $64,134,000 after purchasing an additional 669,901 shares during the period. Janus Henderson Group PLC boosted its holdings in Microchip Technology by 4.7% in the second quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock worth $1,175,042,000 after purchasing an additional 582,965 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in Microchip Technology in the second quarter worth $34,037,000.

In related news, COO Ganesh Moorthy acquired 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The shares were acquired at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,887 shares of Microchip Technology stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $159,130.71. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

Shares of NASDAQ MCHP traded down $0.29 during midday trading on Friday, reaching $67.26. 105,938 shares of the company traded hands, compared to its average volume of 5,007,403. Microchip Technology Inc. has a 52 week low of $65.13 and a 52 week high of $104.20. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96. The stock has a market cap of $16.27 billion, a P/E ratio of 13.12, a P/E/G ratio of 0.76 and a beta of 1.10.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.13. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the previous year, the business earned $1.31 earnings per share. The company’s revenue was up 24.7% on a year-over-year basis. On average, sell-side analysts anticipate that Microchip Technology Inc. will post 6.36 earnings per share for the current fiscal year.

Several brokerages have recently issued reports on MCHP. BidaskClub downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, July 26th. Cfra reissued a “buy” rating and set a $110.00 price target on shares of Microchip Technology in a report on Wednesday, September 19th. TheStreet downgraded shares of Microchip Technology from an “a-” rating to a “c+” rating in a report on Thursday, August 9th. ValuEngine downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Finally, Needham & Company LLC reduced their price target on shares of Microchip Technology from $130.00 to $120.00 and set a “strong-buy” rating for the company in a report on Monday, August 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Microchip Technology presently has an average rating of “Buy” and an average price target of $111.05.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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

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