Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 50.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 105,694 shares of the semiconductor company’s stock after purchasing an additional 35,213 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Microchip Technology were worth $8,486,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Financial Counselors Inc. lifted its stake in shares of Microchip Technology by 1.1% in the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after purchasing an additional 119 shares during the period. SeaCrest Wealth Management LLC lifted its stake in shares of Microchip Technology by 3.3% in the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares during the period. Corundum Group Inc. lifted its stake in shares of Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI lifted its stake in shares of Microchip Technology by 4.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares during the period. Finally, Busey Bank lifted its stake in shares of Microchip Technology by 2.6% in the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after purchasing an additional 155 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MCHP has been the subject of several recent analyst reports. B. Riley reduced their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. TD Cowen reduced their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, Mizuho set a $95.00 price target on shares of Microchip Technology in a report on Friday, October 18th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $97.89.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.10% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $75.58 on Thursday. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The company has a 50 day moving average price of $77.67 and a 200 day moving average price of $85.48. The firm has a market capitalization of $40.55 billion, a price-to-earnings ratio of 30.23 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business posted $1.56 earnings per share. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.