Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Lmcg Investments LLC

Lmcg Investments LLC lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 126,259 shares of the semiconductor company’s stock after selling 262 shares during the period. Lmcg Investments LLC’s holdings in Microchip Technology were worth $10,137,000 as of its most recent SEC filing.

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

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded up $1.44 during mid-day trading on Friday, hitting $74.81. The company had a trading volume of 5,472,977 shares, compared to its average volume of 5,932,531. The stock has a market cap of $40.14 billion, a price-to-earnings ratio of 29.92 and a beta of 1.52. Microchip Technology Incorporated has a 12 month low of $71.76 and a 12 month high of $100.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The firm’s 50 day simple moving average is $77.40 and its two-hundred day simple moving average is $85.32.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MCHP. Susquehanna reduced their price objective on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research report on Monday, October 21st. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Citigroup reduced their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $97.89.

Insider Activity at Microchip Technology

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

Microchip Technology 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.