March 3, 2021

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Arizona State Retirement System Cuts Position in Microchip Technology Incorporated (NASDAQ:MCHP)


Arizona State Retirement System decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 72,391 shares of the semiconductor company’s stock after selling 2,259 shares during the quarter. Arizona State Retirement System’s holdings in Microchip Technology were worth $9,998,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently made changes to their positions in MCHP. Assenagon Asset Management S.A. purchased a new position in shares of Microchip Technology in the third quarter valued at $7,161,000. Peoples Financial Services CORP. increased its position in shares of Microchip Technology by 5.7% in the third quarter. Peoples Financial Services CORP. now owns 26,085 shares of the semiconductor company’s stock valued at $2,681,000 after buying an additional 1,400 shares in the last quarter. Gantzert Investment Co. LLC ADV increased its position in shares of Microchip Technology by 193.0% in the third quarter. Gantzert Investment Co. LLC ADV now owns 14,900 shares of the semiconductor company’s stock valued at $1,531,000 after buying an additional 9,815 shares in the last quarter. Sycomore Asset Management purchased a new position in shares of Microchip Technology in the third quarter valued at $2,250,000. Finally, Crossmark Global Holdings Inc. increased its position in shares of Microchip Technology by 29.1% in the third quarter. Crossmark Global Holdings Inc. now owns 107,718 shares of the semiconductor company’s stock valued at $11,069,000 after buying an additional 24,280 shares in the last quarter. Institutional investors and hedge funds own 94.10% of the company’s stock.

A number of brokerages have recently weighed in on MCHP. KeyCorp raised their price target on Microchip Technology from $165.00 to $170.00 and gave the company an “overweight” rating in a research report on Wednesday, January 6th. Morgan Stanley lifted their price objective on Microchip Technology from $140.00 to $159.00 and gave the stock an “overweight” rating in a research report on Monday, December 14th. The Goldman Sachs Group lifted their price objective on Microchip Technology from $133.00 to $154.00 and gave the stock a “buy” rating in a research report on Monday, December 14th. Needham & Company LLC lifted their price objective on Microchip Technology from $130.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, January 13th. Finally, Mizuho lifted their price objective on Microchip Technology from $134.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 28th. Six investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $134.44.

Shares of NASDAQ:MCHP opened at $143.92 on Wednesday. The firm has a market cap of $37.47 billion, a price-to-earnings ratio of 61.50, a PEG ratio of 1.74 and a beta of 1.69. Microchip Technology Incorporated has a 12-month low of $53.15 and a 12-month high of $155.36. The company has a current ratio of 1.07, a quick ratio of 0.74 and a debt-to-equity ratio of 1.50. The stock’s 50-day moving average price is $142.63 and its two-hundred day moving average price is $120.20.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, November 5th. The semiconductor company reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.26 billion. Microchip Technology had a return on equity of 25.02% and a net margin of 11.62%. The company’s revenue was down 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.43 EPS. As a group, research analysts forecast that Microchip Technology Incorporated will post 5.79 earnings per share for the current fiscal year.

In other news, VP Richard J. Simoncic sold 2,269 shares of Microchip Technology stock in a transaction dated Monday, November 23rd. The stock was sold at an average price of $130.70, for a total value of $296,558.30. Following the transaction, the vice president now directly owns 16,885 shares of the company’s stock, valued at approximately $2,206,869.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew W. Chapman sold 500 shares of Microchip Technology stock in a transaction dated Monday, November 23rd. The shares were sold at an average price of $130.70, for a total value of $65,350.00. Following the completion of the transaction, the director now directly owns 19,356 shares in the company, valued at $2,529,829.20. The disclosure for this sale can be found here. Insiders sold a total of 7,206 shares of company stock worth $928,698 over the last ninety days. Corporate insiders own 2.15% of the company’s stock.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive, industrial, computing, communication, lighting, power supplies, motor control, human machine interface, security, and wired and wireless connectivity applications.

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



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