National Bank of Canada FI Buys 505,324 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

National Bank of Canada FI lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 203.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 753,829 shares of the semiconductor company’s stock after acquiring an additional 505,324 shares during the quarter. National Bank of Canada FI owned approximately 0.14% of Microchip Technology worth $65,252,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MCHP. OFI Invest Asset Management bought a new stake in Microchip Technology in the 3rd quarter worth about $26,000. BKM Wealth Management LLC purchased a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $27,000. Rakuten Securities Inc. bought a new stake in Microchip Technology during the fourth quarter worth $27,000. Fortitude Family Office LLC purchased a new position in Microchip Technology in the fourth quarter worth $29,000. Finally, Milestone Investment Advisors LLC bought a new position in Microchip Technology in the 3rd quarter valued at $36,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 2.1 %

NASDAQ MCHP traded up $1.90 during trading on Friday, hitting $91.36. The stock had a trading volume of 6,983,068 shares, compared to its average volume of 5,300,839. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.63. The stock has a 50 day simple moving average of $88.05 and a 200 day simple moving average of $85.13. The stock has a market capitalization of $49.37 billion, a price-to-earnings ratio of 21.35, a P/E/G ratio of 2.79 and a beta of 1.60. 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 (NASDAQ:MCHP) last announced its earnings results 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 business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue for the quarter was down 18.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.48 EPS. Sell-side analysts predict that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Insider Activity at Microchip Technology

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

Analyst Upgrades and Downgrades

MCHP has been the subject of several research reports. TD Cowen increased their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, February 2nd. Evercore ISI assumed coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price for the company. The Goldman Sachs Group cut their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. Susquehanna reaffirmed a “positive” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Monday, April 8th. Finally, Stifel Nicolaus raised their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $92.75.

About Microchip Technology

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.