1ST Source Bank Raises Position in Microchip Technology Incorporated (MCHP)

1ST Source Bank increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 21.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,809 shares of the semiconductor company’s stock after acquiring an additional 3,122 shares during the quarter. 1ST Source Bank’s holdings in Microchip Technology were worth $1,599,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MCHP. Janus Henderson Group PLC boosted its position in shares of Microchip Technology by 2,959.9% during the second quarter. Janus Henderson Group PLC now owns 8,073,264 shares of the semiconductor company’s stock worth $623,093,000 after acquiring an additional 7,809,422 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Microchip Technology by 66.5% during the second 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 during the last quarter. Fred Alger Management Inc. boosted its position in shares of Microchip Technology by 80.9% during the second 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 during the last quarter. Vanguard Group Inc. boosted its position in shares of Microchip Technology by 4.6% during the second 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 during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Microchip Technology by 75.5% during the second 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 during the last quarter.

Microchip Technology Incorporated (NASDAQ:MCHP) traded up 0.03% during midday trading on Tuesday, hitting $95.24. 276,153 shares of the stock traded hands. The stock has a 50-day moving average of $90.93 and a 200 day moving average of $83.45. Microchip Technology Incorporated has a 52-week low of $59.38 and a 52-week high of $95.69. The firm has a market cap of $22.17 billion, a PE ratio of 51.31 and a beta of 1.07.

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

In other news, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total transaction of $109,135.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $200,876.17. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,829 shares of company stock worth $561,905. Corporate insiders own 2.13% of the company’s stock.

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A number of equities analysts recently weighed in on the stock. Mizuho restated a “neutral” rating and set a $84.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. Morgan Stanley reiterated an “overweight” rating and set a $94.00 price objective on shares of Microchip Technology in a research report on Wednesday, September 20th. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday, September 30th. BidaskClub lowered shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Finally, Zacks Investment Research lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $91.59.

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

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