Investment Management of Virginia LLC lowered its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 0.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 41,638 shares of the semiconductor company’s stock after selling 130 shares during the quarter. Investment Management of Virginia LLC’s holdings in Microchip Technology were worth $3,454,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of MCHP. City Holding Co. grew its stake in Microchip Technology by 1.9% during the 1st quarter. City Holding Co. now owns 43,610 shares of the semiconductor company’s stock valued at $3,618,000 after purchasing an additional 801 shares in the last quarter. Norway Savings Bank lifted its holdings in shares of Microchip Technology by 22.3% in the 1st quarter. Norway Savings Bank now owns 17,150 shares of the semiconductor company’s stock worth $1,423,000 after purchasing an additional 3,125 shares during the last quarter. JOYN Advisors Inc. lifted its holdings in shares of Microchip Technology by 323.6% in the 4th quarter. JOYN Advisors Inc. now owns 610 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 466 shares during the last quarter. Oak Asset Management LLC lifted its holdings in shares of Microchip Technology by 27.3% in the 4th quarter. Oak Asset Management LLC now owns 12,468 shares of the semiconductor company’s stock worth $897,000 after purchasing an additional 2,676 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its holdings in shares of Microchip Technology by 80.0% in the 3rd quarter. Macquarie Group Ltd. now owns 4,500 shares of the semiconductor company’s stock worth $355,000 after purchasing an additional 2,000 shares during the last quarter.
In other news, Director Matthew W. Chapman sold 4,660 shares of Microchip Technology stock in a transaction on Friday, February 15th. The stock was sold at an average price of $91.04, for a total transaction of $424,246.40. Following the transaction, the director now owns 19,080 shares in the company, valued at $1,737,043.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mitchell R. Little sold 3,585 shares of Microchip Technology stock in a transaction on Wednesday, February 13th. The shares were sold at an average price of $91.17, for a total value of $326,844.45. Following the transaction, the vice president now owns 7,693 shares in the company, valued at approximately $701,370.81. The disclosure for this sale can be found here. Insiders have sold 14,101 shares of company stock worth $1,258,210 in the last quarter. 2.13% of the stock is currently owned by corporate insiders.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Wednesday, May 8th. The semiconductor company reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.19. Microchip Technology had a return on equity of 32.30% and a net margin of 6.53%. On average, research analysts forecast that Microchip Technology Inc. will post 5.9 EPS for the current year.
Several analysts recently issued reports on MCHP shares. TheStreet raised Microchip Technology from a “c+” rating to a “b-” rating in a report on Thursday, February 21st. BidaskClub downgraded Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, March 1st. Rosenblatt Securities reissued a “buy” rating and issued a $115.00 price target on shares of Microchip Technology in a report on Monday, February 11th. Citigroup reissued a “buy” rating and issued a $105.00 price target on shares of Microchip Technology in a report on Thursday, February 7th. Finally, Needham & Company LLC raised their price target on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, February 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and an average price target of $103.56.
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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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