Iberiabank Corp boosted its position in Microchip Technology Inc. (NASDAQ:MCHP) by 38.3% in the third quarter, HoldingsChannel.com reports. The firm owned 8,026 shares of the semiconductor company’s stock after acquiring an additional 2,222 shares during the quarter. Iberiabank Corp’s holdings in Microchip Technology were worth $633,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Psagot Investment House Ltd. acquired a new stake in Microchip Technology in the second quarter valued at about $125,000. Canada Pension Plan Investment Board lifted its position in Microchip Technology by 14,030.0% in the second quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after purchasing an additional 1,403 shares during the period. Summit Trail Advisors LLC lifted its position in Microchip Technology by 9,097.1% in the first quarter. Summit Trail Advisors LLC now owns 138,325 shares of the semiconductor company’s stock valued at $138,000 after purchasing an additional 136,821 shares during the period. Prospera Financial Services Inc acquired a new stake in Microchip Technology in the second quarter valued at about $200,000. Finally, Homrich & Berg acquired a new stake in Microchip Technology in the second quarter valued at about $202,000.
Shares of MCHP opened at $68.26 on Friday. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.32 and a quick ratio of 0.80. Microchip Technology Inc. has a 1-year low of $65.13 and a 1-year high of $104.20. The company has a market cap of $18.59 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 0.83 and a beta of 1.10.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.48 by $0.13. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period last year, the company posted $1.31 EPS. The company’s revenue was up 24.7% on a year-over-year basis. As a group, sell-side analysts expect that Microchip Technology Inc. will post 6.51 earnings per share for the current fiscal year.
In other news, CFO James Eric Bjornholt sold 1,887 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $159,130.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Ganesh Moorthy acquired 12,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were acquired at an average cost of $84.10 per share, with a total value of $1,009,200.00. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.
MCHP has been the subject of a number of research reports. Rosenblatt Securities reiterated a “buy” rating and set a $125.00 price target on shares of Microchip Technology in a research report on Sunday, August 12th. ValuEngine downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, August 14th. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. KeyCorp reduced their price target on shares of Microchip Technology from $116.00 to $111.00 and set an “overweight” rating for the company in a research report on Friday, August 10th. Finally, Morgan Stanley reduced their price target on shares of Microchip Technology from $98.00 to $95.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 3rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Microchip Technology has a consensus rating of “Buy” and an average target price of $111.05.
Microchip Technology Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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