Northwest Investment Counselors LLC Increases Holdings in Microchip Technology Inc. (NASDAQ:MCHP)

Northwest Investment Counselors LLC grew its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 3.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,368 shares of the semiconductor company’s stock after purchasing an additional 432 shares during the quarter. Northwest Investment Counselors LLC’s holdings in Microchip Technology were worth $1,072,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in MCHP. Osborn Williams & Donohoe LLC purchased a new stake in Microchip Technology in the 1st quarter worth about $31,000. Parkside Financial Bank & Trust increased its holdings in Microchip Technology by 65.3% in the 1st quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 171 shares during the last quarter. Gemmer Asset Management LLC increased its holdings in Microchip Technology by 186.5% in the 1st quarter. Gemmer Asset Management LLC now owns 487 shares of the semiconductor company’s stock worth $40,000 after acquiring an additional 317 shares during the last quarter. Zions Bancorporation N.A. purchased a new stake in Microchip Technology in the 1st quarter worth about $43,000. Finally, Shine Investment Advisory Services Inc. increased its holdings in Microchip Technology by 110.2% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 578 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 303 shares during the last quarter.

NASDAQ:MCHP traded up $1.02 during mid-day trading on Tuesday, reaching $84.64. The stock had a trading volume of 127,575 shares, compared to its average volume of 1,921,509. The company has a 50 day moving average price of $90.29. The company has a market capitalization of $19.90 billion, a PE ratio of 13.93, a P/E/G ratio of 1.18 and a beta of 1.41. Microchip Technology Inc. has a one year low of $60.70 and a one year high of $101.35. The company has a quick ratio of 0.63, a current ratio of 0.93 and a debt-to-equity ratio of 1.69.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the firm earned $1.40 earnings per share. The business’s revenue was up 32.6% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology Inc. will post 5.56 earnings per share for the current year.

In other news, VP James Eric Bjornholt sold 2,188 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total transaction of $177,206.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.21% of the stock is currently owned by insiders.

MCHP has been the subject of a number of recent analyst reports. BidaskClub lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday. BMO Capital Markets reduced their target price on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Mizuho lifted their target price on Microchip Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Longbow Research initiated coverage on Microchip Technology in a report on Tuesday, July 9th. They set a “neutral” rating and a $87.93 target price for the company. Finally, Wells Fargo & Co lifted their target price on Microchip Technology from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Monday, July 29th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $103.89.

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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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