IFM Investors Pty Ltd grew its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 12.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,945 shares of the semiconductor company’s stock after buying an additional 2,222 shares during the quarter. IFM Investors Pty Ltd’s holdings in Microchip Technology were worth $2,050,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MCHP. GPM Growth Investors Inc. grew its stake in Microchip Technology by 1.2% in the third quarter. GPM Growth Investors Inc. now owns 25,436 shares of the semiconductor company’s stock worth $2,614,000 after purchasing an additional 307 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in Microchip Technology in the 3rd quarter worth approximately $143,000. Fortem Financial Group LLC purchased a new position in Microchip Technology in the 3rd quarter worth approximately $1,609,000. Strategic Investment Advisors MI lifted its stake in Microchip Technology by 95.8% in the 3rd quarter. Strategic Investment Advisors MI now owns 5,419 shares of the semiconductor company’s stock worth $557,000 after purchasing an additional 2,652 shares in the last quarter. Finally, DNB Asset Management AS lifted its stake in Microchip Technology by 3.7% in the 3rd quarter. DNB Asset Management AS now owns 28,937 shares of the semiconductor company’s stock worth $2,974,000 after purchasing an additional 1,025 shares in the last quarter. 98.20% of the stock is currently owned by hedge funds and other institutional investors.

In other Microchip Technology news, VP Richard J. Simoncic sold 3,802 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $108.39, for a total transaction of $412,098.78. Following the sale, the vice president now directly owns 19,530 shares in the company, valued at approximately $2,116,856.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wade F. Meyercord sold 1,000 shares of the business’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $110.89, for a total transaction of $110,890.00. Following the sale, the director now owns 8,392 shares in the company, valued at $930,588.88. The disclosure for this sale can be found here. Insiders sold a total of 7,695 shares of company stock valued at $836,561 over the last ninety days. Company insiders own 2.15% of the company’s stock.

A number of research analysts have weighed in on the stock. Mizuho raised their target price on shares of Microchip Technology from $112.00 to $128.00 and gave the stock a “buy” rating in a research note on Friday. BidaskClub raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Needham & Company LLC decreased their target price on shares of Microchip Technology from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Piper Sandler reaffirmed a “buy” rating and set a $130.00 price target on shares of Microchip Technology in a research report on Monday, June 29th. 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 on the stock. Six research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Microchip Technology currently has an average rating of “Buy” and an average price target of $115.68.

MCHP stock traded down $0.53 during mid-day trading on Friday, hitting $110.81. 1,437,462 shares of the company were exchanged, compared to its average volume of 3,185,042. The company has a market capitalization of $27.97 billion, a PE ratio of 44.32, a price-to-earnings-growth ratio of 1.97 and a beta of 1.63. The company has a current ratio of 0.83, a quick ratio of 0.57 and a debt-to-equity ratio of 1.41. Microchip Technology Inc. has a twelve month low of $53.15 and a twelve month high of $116.56. The firm has a fifty day simple moving average of $105.65 and a 200 day simple moving average of $97.40.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $1.56 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.12. Microchip Technology had a net margin of 12.23% and a return on equity of 24.31%. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the business earned $1.41 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Microchip Technology Inc. will post 5.38 earnings per share for the current year.

Microchip Technology Company 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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