Norway Savings Bank lifted its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 22.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,150 shares of the semiconductor company’s stock after buying an additional 3,125 shares during the period. Microchip Technology makes up about 1.3% of Norway Savings Bank’s investment portfolio, making the stock its 24th largest holding. Norway Savings Bank’s holdings in Microchip Technology were worth $1,423,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. CHURCHILL MANAGEMENT Corp acquired a new stake in Microchip Technology during the 1st quarter valued at $309,000. Howard Capital Management Inc. acquired a new position in shares of Microchip Technology in the first quarter worth $595,000. Mercer Global Advisors Inc. ADV acquired a new position in shares of Microchip Technology in the first quarter worth $279,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the first quarter worth $95,000. Finally, Selz Capital LLC acquired a new position in shares of Microchip Technology in the first quarter worth $12,356,000.
NASDAQ:MCHP opened at $100.75 on Friday. Microchip Technology Inc. has a 12-month low of $60.70 and a 12-month high of $104.20. The company has a debt-to-equity ratio of 2.04, a current ratio of 2.92 and a quick ratio of 1.83. The stock has a market capitalization of $23.87 billion, a P/E ratio of 19.41, a price-to-earnings-growth ratio of 1.22 and a beta of 1.31.
MCHP has been the topic of a number of research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 price target on shares of Microchip Technology in a research note on Monday, February 11th. ValuEngine upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Needham & Company LLC upped their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, February 6th. BidaskClub upgraded shares of Microchip Technology from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 30th. Finally, Citigroup reiterated a “buy” rating and issued a $105.00 price objective on shares of Microchip Technology in a report on Thursday, February 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $102.17.
In related news, VP James Eric Bjornholt sold 2,356 shares of the firm’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $89.24, for a total value of $210,249.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew W. Chapman sold 4,660 shares of the firm’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $91.04, for a total transaction of $424,246.40. Following the completion of the sale, the director now directly owns 19,080 shares of the company’s stock, valued at approximately $1,737,043.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,101 shares of company stock valued at $1,258,210. Company insiders own 2.13% of the company’s stock.
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About Microchip Technology
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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