Pacer Advisors Inc. grew its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 74.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 39,543 shares of the semiconductor company’s stock after acquiring an additional 16,914 shares during the period. Pacer Advisors Inc.’s holdings in Microchip Technology were worth $4,164,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Janus Henderson Group PLC boosted its holdings in Microchip Technology by 9.6% in the first quarter. Janus Henderson Group PLC now owns 14,250,012 shares of the semiconductor company’s stock valued at $966,145,000 after purchasing an additional 1,244,503 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Microchip Technology by 86.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,699,307 shares of the semiconductor company’s stock valued at $115,213,000 after buying an additional 789,089 shares during the period. Viking Global Investors LP acquired a new stake in shares of Microchip Technology in the 1st quarter valued at $27,679,000. Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 23.4% in the 1st quarter. Van ECK Associates Corp now owns 1,580,901 shares of the semiconductor company’s stock valued at $107,185,000 after purchasing an additional 299,283 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. raised its stake in Microchip Technology by 6,690.2% during the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 260,338 shares of the semiconductor company’s stock worth $17,651,000 after acquiring an additional 256,504 shares in the last quarter.
Several analysts have recently weighed in on MCHP shares. Mizuho lifted their target price on shares of Microchip Technology from $92.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. TheStreet upgraded shares of Microchip Technology from a “c+” rating to a “b” rating in a research report on Wednesday, June 3rd. Cfra cut their target price on shares of Microchip Technology from $110.00 to $95.00 and set a “hold” rating for the company in a research report on Friday, May 8th. JPMorgan Chase & Co. cut their price objective on shares of Microchip Technology from $115.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Finally, BNP Paribas started coverage on shares of Microchip Technology in a research report on Thursday, July 9th. They set a “neutral” rating and a $110.00 price target for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $115.30.
Shares of NASDAQ:MCHP opened at $101.73 on Friday. The stock has a market capitalization of $24.37 billion, a price-to-earnings ratio of 45.82, a price-to-earnings-growth ratio of 1.30 and a beta of 1.61. Microchip Technology Inc. has a 1-year low of $53.15 and a 1-year high of $113.28. The company’s fifty day moving average is $103.59 and its two-hundred day moving average is $93.37. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.94 and a current ratio of 1.35.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 7th. The semiconductor company reported $1.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.11. Microchip Technology had a net margin of 10.82% and a return on equity of 23.63%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the company earned $1.48 earnings per share. The firm’s revenue was down .2% compared to the same quarter last year. Sell-side analysts expect that Microchip Technology Inc. will post 5.43 EPS for the current fiscal year.
In related news, COO Ganesh Moorthy sold 12,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $106.72, for a total value of $1,280,640.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Richard J. Simoncic sold 3,958 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $86.92, for a total transaction of $344,029.36. Following the completion of the transaction, the vice president now owns 19,213 shares of the company’s stock, valued at approximately $1,669,993.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,336 shares of company stock worth $2,684,160. Corporate insiders own 2.15% of the company’s stock.
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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