Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Intact Investment Management Inc.

Intact Investment Management Inc. raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 27.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 76,900 shares of the semiconductor company’s stock after purchasing an additional 16,600 shares during the period. Intact Investment Management Inc.’s holdings in Microchip Technology were worth $6,174,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $39,000. Versant Capital Management Inc grew its stake in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares in the last quarter. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Microchip Technology during the first quarter valued at $54,000. TruNorth Capital Management LLC bought a new stake in shares of Microchip Technology during the second quarter valued at about $55,000. Finally, Wolff Wiese Magana LLC raised its stake in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 2.0 %

Microchip Technology stock opened at $74.81 on Monday. Microchip Technology Incorporated has a 52 week low of $71.76 and a 52 week high of $100.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The firm has a market capitalization of $40.14 billion, a price-to-earnings ratio of 29.92 and a beta of 1.53. The company has a 50 day moving average price of $77.40 and a 200 day moving average price of $85.32.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s revenue was down 45.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.56 earnings per share. Research analysts forecast that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on MCHP. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Needham & Company LLC lowered their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, TD Cowen cut their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $97.89.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.