Castleark Management LLC cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 33.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 468,460 shares of the semiconductor company’s stock after selling 230,628 shares during the quarter. Microchip Technology comprises approximately 1.2% of Castleark Management LLC’s investment portfolio, making the stock its 13th biggest holding. Castleark Management LLC owned 0.20% of Microchip Technology worth $36,156,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in MCHP. Janus Henderson Group PLC boosted its holdings in Microchip Technology by 2,959.9% in the second quarter. Janus Henderson Group PLC now owns 8,073,264 shares of the semiconductor company’s stock valued at $623,093,000 after purchasing an additional 7,809,422 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Microchip Technology by 66.5% during the 2nd quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock worth $484,434,000 after acquiring an additional 2,507,707 shares in the last quarter. Fred Alger Management Inc. boosted its stake in shares of Microchip Technology by 80.9% during the 2nd quarter. Fred Alger Management Inc. now owns 3,349,037 shares of the semiconductor company’s stock worth $258,479,000 after acquiring an additional 1,497,699 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Microchip Technology by 4.6% during the 2nd quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock worth $1,823,190,000 after acquiring an additional 1,042,622 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Microchip Technology by 75.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,403,141 shares of the semiconductor company’s stock worth $185,475,000 after acquiring an additional 1,033,992 shares in the last quarter.
Shares of Microchip Technology Incorporated (NASDAQ:MCHP) traded up 0.14% on Wednesday, hitting $92.05. 336,180 shares of the stock traded hands. Microchip Technology Incorporated has a 12-month low of $57.52 and a 12-month high of $92.33. The stock has a 50-day moving average price of $88.02 and a 200 day moving average price of $81.47. The stock has a market cap of $21.42 billion, a price-to-earnings ratio of 47.45 and a beta of 1.07.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.17. The business had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. Microchip Technology’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the company posted $0.84 earnings per share. On average, analysts anticipate that Microchip Technology Incorporated will post $5.28 earnings per share for the current fiscal year.
In other news, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 3,076 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $251,893.64. Following the completion of the sale, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The disclosure for this sale can be found here. Insiders have sold 6,829 shares of company stock worth $561,905 in the last quarter. Corporate insiders own 2.13% of the company’s stock.
Several research analysts recently weighed in on the stock. Credit Suisse Group restated a “buy” rating on shares of Microchip Technology in a research report on Friday, August 4th. BidaskClub downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Raymond James Financial, Inc. began coverage on shares of Microchip Technology in a report on Friday, June 16th. They issued an “outperform” rating and a $95.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a report on Tuesday, September 19th. Finally, B. Riley restated a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a report on Wednesday, August 9th. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $90.94.
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Microchip Technology Company Profile
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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