First Trust Direct Indexing L.P. Sells 2,405 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

First Trust Direct Indexing L.P. trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 14.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,814 shares of the semiconductor company’s stock after selling 2,405 shares during the period. First Trust Direct Indexing L.P.’s holdings in Microchip Technology were worth $1,109,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Microchip Technology by 0.4% in the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after purchasing an additional 33,603 shares during the period. Boston Partners boosted its holdings in shares of Microchip Technology by 10.7% in the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after buying an additional 736,818 shares during the last quarter. Van ECK Associates Corp grew its position in Microchip Technology by 4.9% during the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock valued at $582,301,000 after buying an additional 295,626 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in Microchip Technology by 17.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock valued at $406,182,000 after buying an additional 673,992 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of recent research reports. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Needham & Company LLC reduced their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Citigroup dropped their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Finally, TD Cowen dropped their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $97.89.

Microchip Technology Stock Up 2.0 %

Shares of NASDAQ MCHP opened at $74.81 on Friday. The stock has a 50 day moving average price of $77.40 and a 200 day moving average price of $85.32. Microchip Technology Incorporated has a 52-week low of $71.76 and a 52-week high of $100.57. The firm has a market capitalization of $40.14 billion, a price-to-earnings ratio of 29.92 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

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

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.10% of the company’s stock.

Microchip Technology Company Profile

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.