Bank of Montreal Can cut its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 18.0% during the first quarter, Holdings Channel reports. The firm owned 305,721 shares of the semiconductor company’s stock after selling 66,886 shares during the period. Bank of Montreal Can owned approximately 0.14% of Microchip Technology worth $22,557,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Massey Quick & Co. LLC bought a new stake in Microchip Technology during the fourth quarter worth $123,000. Commonwealth Bank of Australia increased its stake in Microchip Technology by 23.3% in the third quarter. Commonwealth Bank of Australia now owns 2,135 shares of the semiconductor company’s stock worth $132,000 after buying an additional 404 shares during the last quarter. Kernodle & Katon Asset Management Group LLC increased its stake in Microchip Technology by 3.9% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 2,357 shares of the semiconductor company’s stock worth $146,000 after buying an additional 89 shares during the last quarter. Stock Yards Bank & Trust Co. bought a new stake in Microchip Technology during the first quarter worth $214,000. Finally, Johnson Financial Group Inc. increased its stake in Microchip Technology by 0.3% in the fourth quarter. Johnson Financial Group Inc. now owns 2,908 shares of the semiconductor company’s stock worth $187,000 after buying an additional 9 shares during the last quarter.
Shares of Microchip Technology Inc. (NASDAQ:MCHP) opened at 75.63 on Friday. Microchip Technology Inc. has a 52 week low of $46.98 and a 52 week high of $76.50. The stock has a 50 day moving average price of $73.59 and a 200 day moving average price of $67.31. The firm has a market cap of $16.37 billion, a PE ratio of 184.01 and a beta of 1.08.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, February 7th. The semiconductor company reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.15. Microchip Technology had a return on equity of 30.26% and a net margin of 3.10%. The business earned $881.20 million during the quarter, compared to analyst estimates of $849.14 million. During the same quarter in the prior year, the business posted $0.64 EPS. Microchip Technology’s revenue for the quarter was up 59.6% compared to the same quarter last year. Equities analysts expect that Microchip Technology Inc. will post $3.89 earnings per share for the current year.
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A number of analysts have recently weighed in on the company. B. Riley reiterated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, February 8th. Stifel Nicolaus upped their target price on Microchip Technology from $77.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, April 7th. Macquarie reiterated a “neutral” rating and set a $72.00 target price (up from $67.00) on shares of Microchip Technology in a research report on Wednesday, February 8th. Mizuho reiterated a “neutral” rating and set a $72.00 target price (up from $67.00) on shares of Microchip Technology in a research report on Wednesday, February 8th. They noted that the move was a valuation call. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Thursday, February 23rd. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Microchip Technology presently has a consensus rating of “Buy” and a consensus target price of $76.29.
In other Microchip Technology news, VP Stephen V. Drehobl sold 4,268 shares of the stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $72.55, for a total transaction of $309,643.40. Following the completion of the transaction, the vice president now owns 13,710 shares of the company’s stock, valued at approximately $994,660.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director L B. Day sold 6,000 shares of the stock in a transaction dated Tuesday, February 14th. The shares were sold at an average price of $70.90, for a total transaction of $425,400.00. Following the transaction, the director now directly owns 14,734 shares of the company’s stock, valued at approximately $1,044,640.60. The disclosure for this sale can be found here. Insiders have sold a total of 105,229 shares of company stock valued at $7,762,842 in the last three months. Insiders own 2.50% of the company’s stock.
About Microchip Technology
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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