Gulf International Bank UK Ltd decreased its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 29.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 52,946 shares of the semiconductor company’s stock after selling 22,533 shares during the period. Gulf International Bank UK Ltd’s holdings in Microchip Technology were worth $3,807,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. IMS Capital Management purchased a new stake in shares of Microchip Technology in the third quarter valued at about $62,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology in the third quarter valued at about $116,000. Spirit of America Management Corp NY raised its holdings in shares of Microchip Technology by 95.2% in the third quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock valued at $162,000 after purchasing an additional 1,000 shares during the last quarter. Psagot Investment House Ltd. raised its holdings in shares of Microchip Technology by 67.7% in the third quarter. Psagot Investment House Ltd. now owns 2,304 shares of the semiconductor company’s stock valued at $182,000 after purchasing an additional 930 shares during the last quarter. Finally, Courier Capital LLC purchased a new stake in shares of Microchip Technology in the third quarter valued at about $215,000.
MCHP opened at $77.13 on Friday. The stock has a market cap of $17.94 billion, a P/E ratio of 14.86, a P/E/G ratio of 0.94 and a beta of 1.16. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.04 and a quick ratio of 0.64. Microchip Technology Inc. has a fifty-two week low of $60.70 and a fifty-two week high of $104.20.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.03. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. Microchip Technology had a net margin of 0.59% and a return on equity of 35.00%. The firm’s revenue for the quarter was up 49.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.41 earnings per share. Analysts predict that Microchip Technology Inc. will post 5.98 earnings per share for the current year.
Several analysts have recently commented on the stock. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the company from $115.00 to $95.00 in a report on Monday, September 17th. KeyCorp assumed coverage on shares of Microchip Technology in a report on Tuesday, September 25th. They issued a “sector weight” rating for the company. Raymond James downgraded shares of Microchip Technology from an “outperform” rating to a “market perform” rating and set a $105.00 target price for the company. in a report on Tuesday, September 25th. Cfra reiterated a “buy” rating and issued a $110.00 target price on shares of Microchip Technology in a report on Wednesday, September 19th. Finally, BidaskClub downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, September 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $104.42.
In related news, VP Stephen V. Drehobl sold 4,271 shares of the stock in a transaction dated Friday, November 23rd. The shares were sold at an average price of $72.06, for a total transaction of $307,768.26. Following the completion of the transaction, the vice president now owns 17,173 shares in the company, valued at $1,237,486.38. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 1,866 shares of the stock in a transaction dated Friday, November 23rd. The shares were sold at an average price of $72.06, for a total transaction of $134,463.96. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.
Microchip Technology Company 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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