Mechanics Financial Corp Boosts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Mechanics Financial Corp boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 12.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,350 shares of the semiconductor company’s stock after purchasing an additional 590 shares during the quarter. Mechanics Financial Corp’s holdings in Microchip Technology were worth $482,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $26,000. BKM Wealth Management LLC bought a new stake in Microchip Technology in the fourth quarter worth $27,000. Rakuten Securities Inc. purchased a new stake in Microchip Technology during the fourth quarter valued at $27,000. Fortitude Family Office LLC bought a new position in Microchip Technology during the fourth quarter valued at $29,000. Finally, Milestone Investment Advisors LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth $36,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Truist Financial lowered their price objective on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, January 9th. TD Cowen increased their target price on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, February 2nd. UBS Group dropped their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research note on Thursday, January 4th. Finally, Needham & Company LLC boosted their price objective on Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.75.

Microchip Technology Stock Down 0.4 %

NASDAQ:MCHP traded down $0.34 during mid-day trading on Thursday, hitting $88.45. 1,326,624 shares of the company’s stock traded hands, compared to its average volume of 5,540,842. The company has a fifty day moving average of $87.77 and a 200 day moving average of $84.92. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.63. The company has a market capitalization of $47.80 billion, a P/E ratio of 20.75, a P/E/G ratio of 2.81 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.48 earnings per share. On average, analysts forecast that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Insider Buying and Selling at Microchip Technology

In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.