Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by North American Management Corp

North American Management Corp trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 60,569 shares of the semiconductor company’s stock after selling 436 shares during the period. North American Management Corp’s holdings in Microchip Technology were worth $6,224,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MCHP. Mint Tower Capital Management B.V. bought a new position in shares of Microchip Technology during the 2nd quarter valued at about $15,124,000. PointState Capital LP bought a new stake in Microchip Technology during the second quarter worth approximately $95,386,000. Holocene Advisors LP grew its position in Microchip Technology by 1,431.9% in the second quarter. Holocene Advisors LP now owns 325,772 shares of the semiconductor company’s stock worth $34,307,000 after buying an additional 304,506 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in shares of Microchip Technology by 190.0% in the second quarter. Rafferty Asset Management LLC now owns 322,754 shares of the semiconductor company’s stock valued at $33,989,000 after buying an additional 211,477 shares in the last quarter. Finally, TimesSquare Capital Management LLC increased its holdings in shares of Microchip Technology by 47.3% in the second quarter. TimesSquare Capital Management LLC now owns 568,300 shares of the semiconductor company’s stock valued at $59,848,000 after buying an additional 182,500 shares in the last quarter. 98.20% of the stock is owned by hedge funds and other institutional investors.

MCHP stock traded down $2.01 during midday trading on Friday, hitting $104.34. 16,033 shares of the company traded hands, compared to its average volume of 3,108,543. Microchip Technology Incorporated has a twelve month low of $53.15 and a twelve month high of $116.56. The stock has a market capitalization of $26.85 billion, a price-to-earnings ratio of 42.54, a price-to-earnings-growth ratio of 1.92 and a beta of 1.63. The company has a quick ratio of 0.57, a current ratio of 0.83 and a debt-to-equity ratio of 1.41. The business has a 50 day simple moving average of $105.97 and a 200-day simple moving average of $100.04.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $1.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.12. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.29 billion. Microchip Technology had a net margin of 12.23% and a return on equity of 24.31%. Microchip Technology’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 EPS. Equities research analysts forecast that Microchip Technology Incorporated will post 5.38 EPS for the current year.

In other news, VP Richard J. Simoncic sold 3,802 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $108.39, for a total transaction of $412,098.78. Following the transaction, the vice president now owns 19,530 shares in the company, valued at approximately $2,116,856.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Wade F. Meyercord sold 1,000 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $110.89, for a total transaction of $110,890.00. Following the transaction, the director now directly owns 8,392 shares of the company’s stock, valued at approximately $930,588.88. The disclosure for this sale can be found here. Insiders sold 7,695 shares of company stock valued at $836,561 over the last three months. 2.15% of the stock is owned by company insiders.

MCHP has been the topic of a number of recent research reports. Needham & Company LLC decreased their target price on Microchip Technology from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Morgan Stanley upgraded Microchip Technology from an “equal weight” rating to an “overweight” rating and set a $131.00 price objective on the stock in a report on Monday, October 19th. BNP Paribas initiated coverage on shares of Microchip Technology in a report on Thursday, July 9th. They issued a “neutral” rating and a $110.00 target price for the company. BidaskClub downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Raymond James restated a “buy” rating on shares of Microchip Technology in a report on Friday, September 18th. Six analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $116.68.

About Microchip Technology

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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