Sheets Smith Wealth Management reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,626 shares of the semiconductor company’s stock after selling 319 shares during the period. Microchip Technology comprises approximately 1.1% of Sheets Smith Wealth Management’s holdings, making the stock its 17th largest position. Sheets Smith Wealth Management’s holdings in Microchip Technology were worth $4,293,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in MCHP. Trust Co. of Vermont raised its stake in shares of Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock worth $125,000 after buying an additional 136 shares in the last quarter. Duncker Streett & Co. Inc. raised its stake in shares of Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock worth $125,000 after buying an additional 503 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Microchip Technology during the first quarter worth $135,000. Webster Bank N. A. raised its stake in shares of Microchip Technology by 67.8% in the first quarter. Webster Bank N. A. now owns 1,980 shares of the semiconductor company’s stock worth $146,000 after buying an additional 800 shares in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Microchip Technology during the first quarter worth $173,000.
Microchip Technology Incorporated (NASDAQ:MCHP) traded down 2.77% during midday trading on Friday, reaching $80.74. The company had a trading volume of 1,359,218 shares. Microchip Technology Incorporated has a 52-week low of $53.33 and a 52-week high of $87.49. The company has a market capitalization of $18.52 billion, a P/E ratio of 114.52 and a beta of 1.05. The company’s 50 day moving average is $81.15 and its 200-day moving average is $75.08.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, May 9th. The semiconductor company reported $1.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.10. The firm had revenue of $902.70 million during the quarter, compared to analysts’ expectations of $891.14 million. Microchip Technology had a net margin of 4.83% and a return on equity of 31.64%. The firm’s revenue for the quarter was up 61.9% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. Equities analysts expect that Microchip Technology Incorporated will post $4.96 earnings per share for the current fiscal year.
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A number of brokerages have weighed in on MCHP. B. Riley reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Monday, May 8th. BidaskClub raised Microchip Technology from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Jefferies Group LLC reaffirmed a “buy” rating on shares of Microchip Technology in a report on Monday, July 10th. Raymond James Financial, Inc. began coverage on Microchip Technology in a report on Friday, June 16th. They issued an “outperform” rating and a $95.00 price objective on the stock. Finally, ValuEngine lowered Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, June 1st. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. Microchip Technology presently has a consensus rating of “Buy” and an average price target of $85.25.
In related news, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the completion of the sale, the vice president now directly owns 14,263 shares in the company, valued at $1,145,176.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 2,510 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $201,527.90. The disclosure for this sale can be found here. Company insiders own 2.13% 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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