Orleans Capital Management Corp LA maintained its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 35,347 shares of the semiconductor company’s stock at the end of the second quarter. Microchip Technology accounts for about 1.9% of Orleans Capital Management Corp LA’s investment portfolio, making the stock its 24th biggest holding. Orleans Capital Management Corp LA’s holdings in Microchip Technology were worth $2,728,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in MCHP. Municipal Employees Retirement System of Michigan grew its holdings in Microchip Technology by 1.8% during the first quarter. Municipal Employees Retirement System of Michigan now owns 6,970 shares of the semiconductor company’s stock valued at $514,000 after purchasing an additional 120 shares during the last quarter. Teachers Advisors LLC grew its holdings in Microchip Technology by 10.2% during the first quarter. Teachers Advisors LLC now owns 829,448 shares of the semiconductor company’s stock valued at $61,197,000 after purchasing an additional 76,645 shares during the last quarter. Stephens Investment Management Group LLC grew its holdings in Microchip Technology by 13.0% during the first quarter. Stephens Investment Management Group LLC now owns 480,967 shares of the semiconductor company’s stock valued at $35,486,000 after purchasing an additional 55,293 shares during the last quarter. Boston Financial Mangement LLC acquired a new position in Microchip Technology during the first quarter valued at approximately $215,000. Finally, KDI Capital Partners LLC grew its holdings in Microchip Technology by 44.0% during the first quarter. KDI Capital Partners LLC now owns 78,492 shares of the semiconductor company’s stock valued at $5,791,000 after purchasing an additional 23,982 shares during the last quarter.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,453 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $200,876.17. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 value of $109,135.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,829 shares of company stock worth $561,905. Insiders own 2.13% of the company’s stock.
Microchip Technology Incorporated (NASDAQ:MCHP) traded up 0.78% during midday trading on Friday, reaching $92.50. 354,167 shares of the company’s stock were exchanged. The company has a market cap of $21.53 billion, a P/E ratio of 49.84 and a beta of 1.07. Microchip Technology Incorporated has a 12 month low of $58.42 and a 12 month high of $92.51. The company has a 50 day moving average price of $88.54 and a 200 day moving average price of $81.62.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. During the same period in the prior year, the firm posted $0.84 EPS. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, equities analysts anticipate that Microchip Technology Incorporated will post $5.28 EPS for the current year.
Several equities analysts have commented on MCHP shares. Morgan Stanley reiterated an “overweight” rating and set a $94.00 price target on shares of Microchip Technology in a report on Wednesday, September 20th. Jefferies Group LLC reiterated a “buy” rating on shares of Microchip Technology in a report on Monday, July 10th. Argus started coverage on Microchip Technology in a report on Friday, October 6th. They set a “buy” rating and a $106.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and set a $120.00 price target (up previously from $100.00) on shares of Microchip Technology in a report on Friday, August 4th. Finally, BidaskClub downgraded Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Seven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Microchip Technology currently has an average rating of “Buy” and an average price target of $90.88.
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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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