Greenleaf Trust Reduces Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Greenleaf Trust lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,691 shares of the semiconductor company’s stock after selling 2,913 shares during the quarter. Greenleaf Trust’s holdings in Microchip Technology were worth $1,416,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Corundum Group Inc. boosted its stake in Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 143 shares in the last quarter. Financial Advocates Investment Management raised its stake in shares of Microchip Technology by 1.5% in the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after buying an additional 158 shares in the last quarter. Bruce G. Allen Investments LLC lifted its holdings in shares of Microchip Technology by 11.4% in the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock valued at $127,000 after buying an additional 162 shares during the period. Metis Global Partners LLC boosted its stake in Microchip Technology by 1.0% during the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after buying an additional 172 shares in the last quarter. Finally, Americana Partners LLC grew its holdings in Microchip Technology by 5.5% during the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock worth $276,000 after acquiring an additional 179 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MCHP has been the subject of several research reports. The Goldman Sachs Group reduced their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. TD Cowen reduced their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Rosenblatt Securities reissued a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus decreased their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $84.00.

Microchip Technology Stock Down 3.8 %

Microchip Technology stock opened at $52.26 on Tuesday. The firm’s 50 day moving average price is $59.29 and its two-hundred day moving average price is $71.03. The firm has a market cap of $28.06 billion, a PE ratio of 36.55 and a beta of 1.50. Microchip Technology Incorporated has a twelve month low of $51.37 and a twelve month high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company earned $1.54 earnings per share. Microchip Technology’s quarterly revenue was down 48.4% compared to the same quarter last year. On average, research analysts predict that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.

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.