Bennicas & Associates Inc. Trims Position in Microchip Technology Incorporated (MCHP)

Bennicas & Associates Inc. lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,600 shares of the semiconductor company’s stock after selling 650 shares during the period. Microchip Technology comprises approximately 2.7% of Bennicas & Associates Inc.’s holdings, making the stock its 6th largest holding. Bennicas & Associates Inc.’s holdings in Microchip Technology were worth $3,196,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in 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 valued at $484,434,000 after purchasing an additional 2,507,707 shares during the period. Nicolet Bankshares Inc. increased its holdings in Microchip Technology by 0.3% during the 2nd quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock valued at $281,000 after purchasing an additional 11 shares during the period. 361 Capital LLC increased its holdings in Microchip Technology by 35.3% during the 2nd quarter. 361 Capital LLC now owns 48,830 shares of the semiconductor company’s stock valued at $3,769,000 after purchasing an additional 12,730 shares during the period. Fox Run Management L.L.C. increased its holdings in Microchip Technology by 248.8% during the 3rd quarter. Fox Run Management L.L.C. now owns 15,000 shares of the semiconductor company’s stock valued at $1,347,000 after purchasing an additional 10,700 shares during the period. Finally, Norinchukin Bank The increased its holdings in Microchip Technology by 13.2% during the 2nd quarter. Norinchukin Bank The now owns 15,920 shares of the semiconductor company’s stock valued at $1,229,000 after purchasing an additional 1,857 shares during the period.

Shares of Microchip Technology Incorporated (MCHP) traded up 1.72% during trading on Friday, hitting $94.72. 1,969,380 shares of the stock were exchanged. The company has a market cap of $22.04 billion, a price-to-earnings ratio of 51.03 and a beta of 1.07. The stock’s 50 day moving average price is $90.69 and its 200-day moving average price is $83.13. Microchip Technology Incorporated has a one year low of $59.38 and a one year high of $94.81.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The firm had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. During the same period in the prior year, the firm earned $0.84 EPS. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, analysts predict that Microchip Technology Incorporated will post $5.28 EPS for the current year.

A number of research analysts recently issued reports on MCHP shares. Jefferies Group LLC restated a “buy” rating and set a $106.00 price target on shares of Microchip Technology in a report on Thursday, October 19th. SunTrust Banks, Inc. restated a “hold” rating and set a $90.00 price target on shares of Microchip Technology in a report on Thursday, October 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $94.00 price objective on shares of Microchip Technology in a research report on Wednesday, September 20th. Argus assumed coverage on Microchip Technology in a research report on Friday, October 6th. They set a “buy” rating and a $106.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $120.00 price objective (up from $100.00) on shares of Microchip Technology in a research report on Friday, August 4th. Seven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $91.59.

In other news, VP Stephen V. Drehobl sold 3,076 shares of the company’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the transaction, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Wade F. Meyercord sold 1,300 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total transaction of $109,135.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,829 shares of company stock worth $561,905. Insiders own 2.13% of the company’s stock.

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Microchip Technology 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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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